Manitou Group (Manitou, Gehl and Mustang) net sales increased 27% during the first half of this year to €970m. The product division (articulated and backhoe loaders, telehandlers, skid steers, forklifts, aerial platforms, etc) generated over €800m (€619m first six months of 2020).
The product division benefitted from the rebound seen at the end of last year. Revenue is up in all regions, and particularly in Northern Europe where sales rose 43% to €390. Europe is the largest market for Manitou. It accounted for €703m of total revenue for the first six months of this year (sales in Southern Europe increased 14% to €313m).
“We closed the first half of the year with a level of performance that exceeded our objectives and a depth of order book that we had never experienced,” comments Manitou president and CEO Michel Denis.
Despite rising steel and transport costs, the outlook for the rest of this year remains positive and the company forecasts ending 2021 with a 20% increase in annual revenue. Manitou recorded net sales of €1.6b in 2020.
