The Swedish manufacturing group achieved net sales of just over SEK1.3bn (€0.13bn) in 2019. Engcon says that 2019 is also a standout because of pricing levels, establishing new markets and the roll-out of strategic plans for Engcon's future. It adds that global demand for its products continues to rise steadily.
Group net sales in 2019 were SEK1,349,553,000 (up from SEK1,195,319,000 in 2018), with an operating profit of SEK194,590,000 (SEK192,413,000), a reduced profit margin from 16% in 2018 to 14.5% in 2019.
"Already during the autumn we began to feel the economic downturn, but our strategy to establish new markets has contributed strongly to increased net sales," said Krister Blomgren, CEO of Engcon Group. "A positive growth strategy for tougher times ahead."
Engcon's business is growing in France, the United States and the Netherlands, and it will set up new offices in Australia and Korea in 2020. Centrally, the company has focused on ensuring that the necessary skills are in place, actively recruiting key personnel to prepare for its future development. "We will continue to have an offensive growth strategy, leveraging organic growth in new markets," Blomgren added. "We are experiencing a rapidly growing market for tiltrotators around the world."
Engcon's strategy for the coming years is focused on continued growth, increased efficiency and a clear commitment to enhancing the everyday lives of excavators.
Blomgren said that Covid-19 has hit the company and sales have varied greatly during the spring. "We will remain on the path of building closer relationships with our end customers, to continue to be the first choice as a supplier of tiltrotators for all the excavators in the world," he added.