Manitou sales down but order intake rises

Manitou reported first quarter revenues down 14% year on year to €272 million reflecting falls in Europe partially offset by continued good results from North America, where sales of the Gehl and Mustang compact equipment continued to rise.

The company said the figures were the result of a slowdown in order intake in the third quarter of last year and did not fully reflect current demand, which “continues to be strong, although remaining volatile.”

The order intake in the first quarter was 9100 units, the highest figure over the past four quarters.

Dominique Bamas, Manitou’s CEO, said; “The pause in Q1 revenue resulted from the natural flow of the vacuum in order intake recorded in the third quarter of 2012. It’s not representative of current demand which continues to be strong, although remaining volatile.

“Excluding the impact of the termination of the Toyota contract at the end of 2012 in France, two of our three divisions continued to grow as compared to the first quarter of 2012. So instead of only focusing on revenue, we’re happily focusing on our first quarter order intake, which reached its highest level in a year”.

Manitou reiterated its objective of level revenues for 2013.

Sales in Northern Europe were down 27% to €79.8 million, while revenues in Southern Europe (including France) fell by 20% to €97.3 million. Sales in the Americas rose by 20% to €64.6 million, and were broadly flat in Asia Pacific, Africa and the Middle East at €30.2 million.

Meanwhile, Manitou veteran François-Frédéric Piffard has been appointed vice president of sales and marketing, adding to the responsibilities of his current position as vice president of new business.

Also, Agnès Michel-Segalen has joined the board of directors as board member and audit committee member, replacing recently appointed CEO Dominique Bamas. Ms Michel-Segalen has worked as an auditor at Arthur Andersen and the Lagardère Group and, subsequently, within the mergers and acquisitions division of EADS and the Sodexo Group.