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Manitou has provided an update of its 2022 full-year results to show a drop in profit.

For the full 12 months, operating income dropped 31.1% to €84.6 million, compared with 2021. The newly-released information follows the group’s announcement in January that – a figure that still stands.

Michel Denis, president and CEO of Manitou, commented, “The year was marked by strong revenue growth in a context of very dynamic markets and a very deep order book. The tensions on the supply chain and the inflation were very strong. The commitment of the teams enabled us to overcome the supply chain difficulties and to significantly accelerate production.

“Inflation was immediately reflected in sales prices, but with a time lag effect due to the depth of the order book. This situation caused a significant cyclical squeeze on margins.”

The Product division was particularly affected by inflation in raw materials and energy, said the company. R&D costs also increased, by €7.6 million, as part of the company’s investment to reduce carbon output. There was also a rise in infrastructure costs of 18% to support its range of projects. This led to a drop in operating income by 52%, €47.6 million, to €43.7 million, compared to 2021.

The Services & Solutions (S&S) division, however, saw an increase in profitability, up by €8.5 million to €41.0 million thanks to strong market demand, following tensions over availability and distribution of spare parts. The Group is also increasing the capacity of its logistics and wider service offerings.

Denis reiterated the strong revenue growth of 2022 and the forecasted rise this year. “The demand from our markets and the depth of our order book lead us to anticipate revenue growth of around 20% in 2023, despite constant pressure on our supply chain and an increase in the recurring operating income as a percentage of sales of around 100 basis points, thanks to an improvement in the second half.”