Manitou Group 2020 annual results
FY ’20 net sales of €1 585 m, -24% vs. FY ’19 (-24% like for like), anticipation of an increase in sales for 2021 of more than +15% compared to 2020.
The Board of Directors of Manitou BF, meeting has approved the accounts for 2020.
“The year 2020 has been a difficult year, full of contrasts and many transformations. The health crisis caused a significant drop in our markets, resulting in a 24 percent decline in our sales compared to 2019. The reactivity, agility and commitment of our teams were the hallmarks of 2020 in order to face an unknown situation and absorb the effects as much as possible.
"Substantial efforts have been made to enable us, wherever possible, to continue to serve our customers while, above all, protecting the health of our employees. All of this enabled us to limit the financial impact of the crisis and end the year with a recurring operating income as a percentage of sales of 5.4%, down only 0.6 point compared to the target we had announced at the beginning of 2020 before the health crisis exploded,” says Michel Denis, president and CEO.
“The economic slowdown in 2020 has led us to resize all our resources, simplify the group's organization and rationalize our industrial sites in the American continent. The unexpected scale of the rebound in order intake and our year-end order book led us into a new phase of growth. We are accelerating our production rates to serve our clients, in a context of high inflation in steel prices, shortages in shipping and electronic components. Beyond these issues of realigning economic stakeholders at the end of the crisis, trends in our markets remain very dynamic,” he says.
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