The Manitou Group, manufacturers of agricultural and construction handling equipment, witnessed a jump in revenue growth by 18% in 2018. This jump in revenue equated to an overall turnover of almost €1.9bn in 2018, up from €1.6bn in 2017.
The Manitou Group includes the Gehl and Mustang brands. The material handling and access division was the largest sector, with reported sales of €1,294m in 2018 compared to €1,095m in 2017.
This represented a growth of over 18%. Activity in the construction sector was said to be stronger than in the agricultural sector.
The compact equipment products division (CEP) reported sales of €314m in 2018, an increase of 28% over 2017.
The services and solutions division (S&S) recorded sales of €276m, which equates to a 10% sales increase in its activity compared to 2017.
Europe remains Manitou’s dominant market, representing over 70% of sales. Although making progress in markets in North America, the company witnessed its strongest growth in northern Europe where sales reportedly increased by 26%. The Manitou Group expects an increase of 10% in sales revenues over 2019. This could see net sales cross the €2bn threshold.