Manitou's turnover up 19% in Q1

Manitou's first quarter revenue results for 2012 show a 19% increase on the same quarter in 2011 to €316 million. The Rough Terrain Handling (RTH) division which includes access platforms and telehandlers has increased turnover by 16%, compared to Q1 in 2011, to €221.4 million.

Manitou reported that, "Construction continues to progress, thanks to seasonal and rental firms pull effect. Growth comes from Northern Europe and the Americas primarily while Southern Europe shows some early slow-down signals associated with the general economic environment. Agriculture also continues to be healthy outside Southern Europe."

Jean-Christophe Giroux, Manitou's president & chief executive officers said, "Q1'12 demonstrates the extension of the 2011 momentum, to substantiate our 2012 operating plan. The combination of growing revenue, sustained order intake and high backlog provides some good visibility for H1 [first half of the year] and even beyond.

" Things are undoubtedly getting more and more difficult in Southern Europe but Northern Europe, US, and Asia are showing resilient signs for positive business. At the same time, we are happy to see the first results of our internal reforms, with a better appreciation for end-demand and a more fluid operational chain. Irrespective of the unstable environment, we are positive 2012 will be for Manitou the year of the re-foundation, with a new performance to sustain our mid-term ambitions."

RTH is the largest of Manitou's divisions, the others - Industrial Materials Handling and Compact Equipment reported growth in turnover of 20% (€40.7m) and 31% (€53.6m) respectively compared to the same quarter last year.