Looking back at the last quarter of 2018, we have made progress in all regions, particularly in Northern Europe and North America. By sector of activity, it is in construction that our development has been the strongest, a sector in which our performance with rental companies has been very strong on all continents. The dynamics in agriculture and industries were also excellent.
Year-end order intake reached an exceptional level. Based above all on solid fundamentals and market confidence, they were amplified for some customers , by an anticipation linked to the extension of our delivery times.
In order to meet our customers' requests, we have succeeded in optimizing our production rates. This has allowed us to replenish certain stocks of midrange products in order to regain a certain commercial flexibility as from Q1 2019.
Aware of the current uncertainties regarding the accumulation of risks that could potentially trigger an economic slowdown, we remain focused on our development objectives while ensuring that we are still agile in the event of a turnaround.
Although cautious but confident, the depth of our order book allows us to anticipate, all other things being equal, a revenue growth outlook for 2019 of around 10% compared to 2018".
*IFRS 15 applied from January 1st, 2018, without 2017 restatement (prospective method) ** at constant scope, accounting standard and exchange rate:- For 2017 acquisitions (Manitou Equipment India in May 2017 and LiftRite at the end of July 2017), subtraction of their contribution, from January 1st of the current year, to the anniversary month of their acquisition. There is no acquisition nor exit in 2018
- Application of IAS 18 on the aggregates of the current year
- Application of the exchange rate of the previous year on the aggregates of the current years
Business review by division
The Material Handling & Access (MHA) Division posted quarterly revenue of €364m, up +21% vs. Q4 2017 and +18% over 12 months (+20% at constant exchange rates, accounting standards and scope). In markets that are still focused on growth, the division made progress in all sectors and geographies. Order intake was very strong, which is reflected in the year-end backlog. The long-term growth prospects are leading the division to increase its industrial capacities in the aerial work platform. The construction of a second aerial platforms factory in Candé (49) has been approved. This €26 million investment will be delivered at the end of 2020.
The Compact Equipment Products (CEP) Division generated fourth-quarter revenue of €88m, up +29% vs. Q4 2017 and +28% over 12 months (+28% at constant exchange rates, accounting standards and scope). The division delivers the group's strongest growth with very sustained development in the United States, particularly among rental companies. The division is also continuing its work to strengthen its sales resources in order to better address its markets. With sales revenues of €72m, the Services & Solutions (S&S) Division recorded a +12% increase in revenue compared to Q4 2017 and a +10% increase over 12 months (+8% at constant exchange rates, accounting standards and scope). Year after year, the division is enhancing its resources in new services in order to better satisfy its customers. At the beginning of 2019, it took a new step forward by massively globalizing the digitization and connectivity of machines.
