Manitou forecasts 20% growth in 2022
By Euan Youdale04 March 2022
Manitou has reported revenue growth of 18% in 2021, backed by record orders, and forecasts growth of 20% in 2022, factoring in the war in the Ukraine
Commenting on the group’s net sales of €1.88 billion for the year, Michel Denis, president and CEO of Manitou, said 2021 had been a ‘fantastic’ year, ending with an unprecedented order intake and a record order book of €3 billion.
“Our revenues grew by 18% compared to 2020 in an operating context disrupted by health crises, component shortages and inflationary pressures.” However, Denis added, “The acceleration of inflation at the end of last year has created a squeeze on margins which we expect to continue in the first half of 2022, before being gradually corrected in the second half.
“Furthermore,” said Denis, “In the absence of new major disruptions in the global economy, inflation dynamics, and based on the assessment to date of the effects of the war in Ukraine, the group expects its revenues to grow by more than 20% compared to 2021 and to sustain its operating income rate to revenue.”
The Product division, combining the former Material Handling and Access (MHA) and CEP divisions, reported revenue of €1,534.8 million in 2021, up 19.4% compared with 2020, which had been deeply impacted by the Covid-19 crisis. The division benefited from the rebound seen at the end of 2020, with revenues increasing in all geographic areas and markets.
During 2021, the division was forced to move quickly to manage production speeds and supply chain issues and to deal with material price inflation, which increased in the second half of the year, said the company. It also increased costs in its R&D and related areas. Nevertheless, the division’s recurring operating income rose by €44.4 million, representing a 94.7% increase to €91.3 million, compared to 2020.
The Services & Solutions (S&S) division saw revenue growth of 13.2% for the year. As with the product division business grew in all geographical areas and markets, except for service activities, which were more resilient in 2020.
Administrative, sales, marketing and service expenses were up 18.1%, or €9.2 million, given the rebound in activity. As a result, the division’s profit was €32.5 million, down €6 million compared to 2020.