Manitou posts 20% sales increase

Manitou net sales increased 20.2% in 2005 to £682m, according to its end of year results.

Profit margins did not climb as quickly, rising just 0.5% from 10.5% to 11%. The firm blamed the slow rise on an inflationary cycle in raw materials, components and transportation costs, significant use of temporary workers due to increased volumes, and numerous product development projects.

Sales grew by 5.5% in the UK, where a recovering building sector counteracted falling sales in the agricultural market. The company also revealed that sales of equipment outside the EU grew by 39.1%, almost twice as much as they did inside it (19.7%).