Manitou Sales Up 6% in First Half of 2015 | Construction News

Manitou has announced its financial results for the first half of 2015.

Michel Denis, CEOfficer said: “In the first half of the year, sales increased by 6% compared to H1 2014. The growth regions remained in North America and Northern Europe, however with less sustained momentum than last year. France, impacted by a decrease in construction activity, and Russia, hit by political and economic strains, were the two countries which decreased significantly. From a sector point of view, the agricultural sector stabilized and the construction sector benefited from the activity of rental companies outside France."

Denis added, "The strengthened financial performance of the first half year period confirms the previously communicated improvement. The second half year period began with a slightly reduced order backlog. In France, the impact of recent tensions in the agricultural sector could slow the recovery of that market, whereas tax incentives which promote investments in handling equipment should result in an increase in business.”

Sales revenue for the period reached €681 million ($749.1 million), a 6% increase over the same period of 2014. Second-quarter equipment orders reached €252 million ($277.2 million) versus €248 million ($272.8 million) for the same period of last year.

The company's order backlog at the end of the second quarter stood at €281 million ($309.1 million), down about 7.3% from €303 million ($333.3 million) at the same point in 2014.

Recurring operating income was €31 million ($34.1 million) or 4.5% of sales, versus €23 million ($25.3 million) or 3.6% of sales in the first half of 2014.

EBITDA stood at €48 million ($52.8 million) or 7.0% of sales, versus €39 ($42.9 million) or 6.1% of sales, for the first half of last year.

Manitou's net income for the first half of 2015 was €17 million ($18.7 million) versus €14 million ($15.4 million) for the first six months of 2014.