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Manitou Group: Q121 revenues of 471m, +12% vs. Q120

29.04.2021 11:49 "Agro Perspectiva" (Kyiv) ● Q121 revenues of 471m, +12% vs. Q120, +15% like for like

● Record Q121 order intake on equipment of 815m vs. 400m in Q120

● Record order book on equipment at the end of Q121 at 1,344 million vs. 648 million in Q1’20

● Confirmation of an anticipated increase in revenues in 2021 of more than 15% compared to 2020

● Confirmation of an anticipated increase in recurring operating profit of around 40 basis points in 2021

Michel Denis, President and Chief Executive Officer, stated: «Activity in the first quarter confirms and expands the rebound that we have seen at the end of 2020. All markets and sectors of activity have experienced extremely sustained growth.

On the strength of this momentum, the group has set an all-time record for order intake, which reached 815 million in the quarter. As a direct consequence of this recovery, our order backlog jumped to 1,344 million, an unprecedented high level.

From an operational point of view, we are organizing the adaptation of our production line speeds, taking into account the time required to accelerate our entire supply chain and the need to recruit and train additional manpower. The situation is made more complex by tensions over the availability of certain components.

This context has created an inflationary trend in raw materials and specific components, which has led us to pass on these increases immediately to our tariffs. Given the depth of our order book, these rises of prices will only have their first effects at the end of the year.

We remain fully focused on the upturn. Our acceleration is still limited by an ecosystem that cannot take off any faster. We are confirming our business and earnings expectations for the year, while remaining very vigilant about the delays that could result from the lack of availability of some components or a further deterioration in the health situation.»

Business review by division

With quarterly revenues of 388 million, the Product Division recorded growth of 12% (+15% at constant exchange rates and scope) compared to Q1 2020. The new Product Division (combination of the former MHA and CEP divisions) is organizing the ramp-up of its supply chain and the transition to stage 5 of its production for Europe. As a result of major innovations, the division recently presented the expansion and renewal of part of its range of equipment for the construction industry.

The Services and Solutions Division (S&S) also reported a 12% increase in revenues (+14% at constant exchange rates and scope) compared to Q1 2020, to 83 million. Business is very strong in all markets, with pressure on availability and prices in the distribution of spare parts.

Agro Perspectiva

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