PSR Analysis: Manitou group reported a particularly strong H1 2019 with 24% growth over H1 2018. Michel Denis, Chief Executive Officer, said: “Over the first half of the year, business was very strong in our markets, as well as in almost all geographical areas,” he said.
High production levels made it possible to sell the excess order book that the group had accumulated at the end of 2018, he said. This performance contrasts with order intake, which is now showing a decline.
“A difficult-to-quantify part of this decrease is due to the return to normal delivery times,” he said, “which prevent our customers from having to anticipate their orders well in advance.
“Another part is due to a significant drop in some markets such as the United Kingdom or South Africa, as well as a more uncertain global economic environment with no visible signs of improvement in the short term.
“The group is reducing its production volumes and gradually limiting its structural costs and investments. Given the historical invoicing level for the first half of the year, our expectations for 2019 of revenue growth of more than 10% compared to 2018 and recurring operating income in the order of 7.3% of revenue, remain confirmed”.
These results are in line with PSR OE Link™ forecast. PSR
