he Manitong Group made a solid start in Q1 2024, achieving revenues of 685 million euros

Manidu's revenue increased by 3% to €685 million in the first quarter of 2024, despite slowing market conditions, and the company said convenience in the supply chain also had a significant impact.

Michel Denis, President and CEO of Mannico, said: "In the North American market, our business plan has to contend with the increasing waiting attitude of our customers and the gradual growth of our business. On the other hand, the European market has been more dynamic than expected." Thanks to supply chain improvements, the company was also able to remove equipment distribution restrictions to customers and resume normal order receipt from all dealers.

At the end of the first quarter, the company's order book was 1.878 billion euros, compared with 3.414 billion euros in the first quarter of 2023.

"Our order intake is experiencing the opposite of the phenomenon we experienced between 2020 and 2022, when extended lead times prompted customers to anticipate their orders to secure future revenue and led us to find an order book with almost two years of activity." Michel Denis added: "Today, shorter lead times allow them to place orders at short deadlines, a phenomenon exacerbated by low visibility in the market." Manidu's lead time is now about nine months.

The Products division reported quarterly revenue of €583 million, up 4% from the first quarter (up 3% on a constant currency and constant range basis). The segment is adjusting its activities according to the level of market activity, which also varies according to the dynamics of the product line in the overall context of increasing supply chain liquidity.

The Services and Solutions (S&S) segment, with revenues of €103 million, saw its activity level remain stable compared to the first quarter of 2023 (unchanged at constant exchange rates and ranges), reflecting the lower level of market activity.

Manitong forecasts its revenue for 2024 to be stable, with recurring business profit exceeding 6.5% of revenue compared to 2023.