In the first three quarters of the year, revenues declined by 28% compared with 2019, with a good resilience in the Services & Solutions division, which is growing in Q3 2020.

This upturn is also reflected in the order intake for the quarter, which exceeds that of Q3 2019. This positive momentum is due to sustained activity in the European and North American networks, as well as a slight upturn in rental orders to be delivered in late 2020 or early 2021, enabling the group to end the quarter with an order book higher than in September 2019.

On the operational level, we focus on proximity to our customers, the fluidity of our industrial activities and the implementation of new organizations. Numerous product and service launches have been successfully completed, including the marketing of 100% electric rough-terrain aerial work platforms.

Our order book allows us to anticipate revenues of around €1.55 billion for 2020 and recurring operating income in the range of 3.5% to 3.9% of revenues. These forecasts do not include the impact of possible new measures related to the global health crisis."

Business review by division

With third quarter sales of €252 million, the Material Handling & Access Division - (MHA) recorded a decline of -14% compared to Q3 2019 and -33% over the first 9 months of the year (-33% at constant consolidation scope and exchange rates). The division had a high level of industrial activity to deliver machines to the agricultural sector and geographical territories outside Europe.

The Compact Equipment Products Division - (CEP) generated quarterly sales of €60m, down -14% compared to Q3 2019 and down -26% over the first 9 months (-26% on a like-for-like basis). Business with rental companies was down significantly compared to 2019, although some operations have been resumed since the end of the summer. Distribution through dealers is relatively resilient, particularly in the United States.

During the quarter, the teams focused on getting closer to customers and setting up the new organizations.

With revenues of €79 million, the Services & Solutions Division - (S&S) recorded a 7% increase in revenues compared to Q3 2019 and a -3% decline in the first 9 months of the year (-5% at constant consolidation scope and exchange rates). The very good business performance was supported by high utilization of our clients' machines and the ongoing development of services. The S&S division recovered its pre-containment level of activity.

Changes in the Executive Committee

Carole Lajous was appointed in mid-September as the new Human Resources Director - Group and a member of the Executive Committee. Graduate of Montpellier Business School, then CESA of HEC and IFA Sciences Po, Paris, after 17 years in Financial Management, Carole Lajous held positions in Human Resources and General Management for 12 years in the materials and process industry. Since 2017, Carole Lajous has also been an independent director of Manitou BF, a position from which she withdrew to pursue her new assignments within the group.

Rick Alton, President of the CEP Division and member of the Executive Committee, has left the group. The group would like to thank Rick Alton for his commitment and work during his years with Manitou Group and is currently finalizing the new organization of the Compact Equipment operations.