Farm Contractor & Large Scale Farmer
    Twitter LinkedIn
    • FREE Email Newsletters
    • About Us
    • Advertise
    • Subscribe
    • Contact Us
    Twitter LinkedIn
    Podcast
    Farm Contractor & Large Scale Farmer
    • News
      • Arable & Agronomy
      • Dealership News
      • Environmental Land Management Scheme/Policy
      • Event News
      • Health & Safety
      • Machinery
      • People
      • World News
    • Farm Machinery
      • Amenity & Maintenance
      • Cultivations
      • Drilling
      • Grassland Equipment
      • Harvesting
      • Muck & Slurry
      • Sprayers
      • Telehandlers
      • Tractors
      • Tractor of the Year
      • Tyres & Tracks
      • Whatever happened to?
    • Precision Farming
    • Markets & Policy
    • Profiles
      • National Arable and Grassland Awards
      • Company Profiles
      • Reader Profiles
    • Livestock
      • Beef
      • Dairy
      • Sheep
    • Magazines
      1. September 2025 issue
      2. August 2025 issue
      3. 2025 Drills and Seeds supplement
      4. July 2025 issue
      5. June 2025 issue
      6. Cereals event guide 2025
      7. May 2025 issue
      8. April 2025 issue
      9. March 2025 issue
      10. 2025 Tyre Developments supplement
      11. February 2025 issue
      12. National Arable and Grassland Awards supplement
      13. January 2025 issue
      14. December 2024 issue
      15. November 2024 issue
      16. October 2024 issue
      17. September 2024 issue
      18. August 2024 Issue
      19. 2024 Drills and Seeds supplement
      20. July 2024 Issue
      21. Cereals Supplement
      22. June 2024 Issue
      23. May 2024 Issue
      24. April 2024 Issue
      25. Tyres and Tracks Supplement
      26. March 2024 Issue
      27. National Arable & Grassland Award – Meet the Finalists
      28. February 2024 Issue
      29. January 2024 Issue
      30. December 2023
      31. Agritechnica Preview Supplement
      32. November 2023
      33. October 2023
      Featured

      September 2025 issue available now

      By Matthew TiltSeptember 1, 2025
      Recent

      September 2025 issue available now

      September 1, 2025

      August 2025 issue available now

      August 1, 2025

      2025 Drills and Seeds supplement available now

      August 1, 2025
    • Events
    • Podcast
    Farm Contractor & Large Scale Farmer
    Machinery

    Manitou Group 2022 annual results

    Vicky LewisBy Vicky LewisMarch 16, 20234 Mins Read
    Facebook Twitter LinkedIn Email

    Manitou Group have released their 2022 annual results which show strong growth in a challenging market.

    Expected revenue growth in 2023 is up around 20% compared to 2022 and the expected recurring operating income rate in 2023 is up around 100 basis points.

    Product division

    The Product division reported revenue of €1,972 million in 2022, up 28% compared to 2021 (+25% at constant exchange rates and scope). Growth was disrupted by supply chain tensions and, at the beginning of the year, by the health crisis. Operations focused on accelerating production rates, supply chain management, R&D investments and capacity expansions in progress in France and the United States. The sales margin of the division came to €204.1 million, down 9% on the year-earlier period. The sales margin as a percentage of sales deteriorated by 4.2 points, impacted by inflation in raw materials and energy.

    Given the depth of the order book, the major sales price increases announced had a partial effect in 2022, and the very high invoicing in Q4 concerned old low-margin orders. The R&D costs increased by €7.6 million with the continuation of innovation programs in order to achieve the objectives of the Group’s carbon trajectory. The structural costs also rose by 18% (+€19.7 million) to support projects and were impacted by inflation. Thus, the recurring operating income of the Product division is down by €47.6 million (-52%) to €43.7 million (2.2% of revenues) compared with €91.3 million in 2021 (5.9% of revenues). In order to limit overly high expectations of orders for 2024, these are now being opened gradually with dealers.

    Services and Solutions division

    The Services & Solutions (S&S) division recorded revenue growth of 15% for the year (+11% at constant exchange rates and scope). The division benefited from very strong market demand, with tensions over availability and prices in the distribution of spare parts. It is also increasing the capacity of its logistics platforms and continuing to strengthen its service offerings. Business grew in all geographic regions, particularly in the Americas and Northern Europe, as well as in all of its activities, in particular in the used machines. The sales margin was up by €15.7 million (+17%) to €108.2 million compared with 2021. This increase is explained by the growth in activity and a 0.5 point improvement in the sales margin as a percentage of sales. The pricing policy enabled the division to limit the impact of inflation. The administrative, selling, marketing and service expenses were contained in an inflationary environment, with an increase of 10.9% (+€6.6 m). As a result, the division’s profitability came to €41.0 million (10.5% of revenues), up by €8.5 million compared with FY 2021 (€32.5 million, or 9.6% of revenues).

    “Progress on the roadmap”

    Michel Denis, President & CEO, said: “The year 2022 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. Recurring operating income amounted to €84.6 million, or 3.6% of revenues.

    “In this difficult context, the group has made progress on its roadmap. The year 2022 was marked by our commitment to a low-carbon trajectory validated in June by the SBTi and supported by the launch of our first electric telehandlers, by the acquisition of a company producing batteries, and by the presentation of our hydrogen strategy and our first hydrogen prototype. In services, we intensified our digitalisation efforts, acquired two companies in Finland and Italy, and strengthened the capacities of our parts distribution platforms. In terms of products, we have renewed our core construction range developed on a new shared platform, accelerated innovation, inaugurated our new aerial work platforms plant in France and launched a massive plan to expand the industrial capacities of our two American production sites.

    “Finally, we continued to hire and develop our teams, strengthening their skills and diversity. 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.”

    The board of directors will propose the payment of a dividend of €0.63 per share to the annual general shareholders’ meeting, to be held on June 15, 2023.

    Tweet
    Share
    Share
    Pin
    Share. Facebook Twitter LinkedIn Email
    Previous ArticleAlliance extends Agriflex+ 372 VF tyre range
    Next Article Pöttinger introduces new app to simplify harvest logistics
    Vicky Lewis

    Read Similar Stories

    August still sees drop in registrations

    September 8, 2025

    John Deere extends parts solutions

    September 2, 2025

    Kramp to offer Vapormatic range

    September 1, 2025
    Most Read Stories

    New Holland variable chamber balers brought to market

    September 18, 2025

    Grange Machinery to offer trailed subsoiler

    September 17, 2025

    New clamp-specific wheeled loader from New Holland

    September 17, 2025
    Farm Contractor & Large Scale Farmer

    The UK's leading agricultural machinery journal

    Twitter LinkedIn
    © 2024 MA Agriculture Ltd, a Mark Allen Group company

    Privacy Policy | Cookies Policy | Terms & Conditions

    • Farmers Weekly
    • AA Farmer
    • Poultry News
    • Pig World

    Type above and press Enter to search. Press Esc to cancel.