Manitou sales and profit jump

French equipment manufacturer Manitou reported a 45% year-on-year increase in first half sales to €561.6 million, while net income stood at €15 million, reversing last year's loss of €14 million.

The results were fuelled by strong sales growth in all three of Manitou's equipment divisions. Rough terrain handling - the largest division by revenue - saw sales grow to €397 million in the first half, compared to €274 million last year.

A significant rebound was also seen in the compact equipment division, which reported sales of €91 million - 68% higher than the first half of 2010. Industrial material handling sales also rose to reach €74 million, compared to €59 million for the first six months of last year.

Manitou president and chief executive Jean-Christophe Giroux said the company was at least six months ahead of its 2011 financial recovery objectives.

"We still have a lot to do but we can at least celebrate the end of a very dark period and we are particularly proud of compact equipment getting back in the black.

"Looking forward, we're sold out throughout end-2011 and our second half performance will only depend on suppliers' deliveries, which remain our number one problem," Mr Giroux said.

He also warned that volatile global economic conditions could impact the business in the future.

"New clouds in worldwide economics could affect our customers' confidence in renewing or expanding their equipment fleets, and we will be carefully monitoring order-intake in the coming months to ascertain possible new business trends."