Manitou Group Reports Stable Half-Year Results for 2024

Manitou Group has announced its financial results for the first half of 2024. Net sales reached €1,407 million, a slight increase of 0.4% compared to H1 2023. The Product division contributed €1,203 million, while the Services & Solutions (S&S) division added €204 million.

Recurring operating income improved significantly to €127.5 million, representing 9.1% of net sales, up from 6.3% in the first half of 2023. Net income also increased to €81.8 million from €62.6 million in the same period last year.

However, the second-quarter results highlighted challenges, with revenues dropping 2% year-on-year to €721 million. Order intake also fell sharply to €86 million from €287 million in Q2 2023, and the order book decreased to €1,344 million compared to €3,061 million a year earlier.

Despite these challenges, the company confirmed its expectations for stable revenue in 2024, with recurring operating profit to exceed 6.5% of revenues. President & CEO Michel Denis noted the positive impact of pricing strategies and operational efficiencies, particularly in Southern Europe, while acknowledging ongoing difficulties in North America.