Thursday, September 17, 2009

Manitou posts big first half loss

Manitou Group has reported a first half loss of ВЈ83.5m against a ВЈ43.2m profit in the same period last year. This includes ВЈ55.9m for restructuring and impairment costs.

It made an operating loss of ВЈ36.5m (with Gehl losing ВЈ25.6m) against a profit of ВЈ67.6m in the first half of 2008. Group sales have halved to ВЈ319m and order levels are down by almost three quarters.

However the company said it has reduced net debt by almost a quarter (to ВЈ319m) and general expenses by a similar amount. The headcount has been cut by 16% with a 32% decrease in available man hours because of short time working.

Manitou said business is unlikely to pick up in the short to medium term and it will concentrate on stabilizing its operating results, lowering its breakeven point and reducing debt.

Lavendon posts £40m pre-tax lossGenesco posts $2.7 million second quarter net loss