Engcon Group achieved net sales of just over SEK 1.3 billion in 2019, an increase of 13 percent on the previous year. As well as seeing 10 years of continuous sales growth, 2019 stands out because of pricing levels, establishing new markets and the roll-out of strategic plans for Engcon’s future. In addition, global demand for Engcon's products continues to rise steadily.
Engcon Group's net sales in 2019 were SEK 1,349,553,000 (SEK 1,195,319,000), with an operating profit of SEK 194,590,000 (SEK 192,413,000), a reduced profit margin from 16 percent in 2018 to14.5 percent in 2019.
”Of course, it feels good to close the final accounts for 2019 with a positive result. 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. A positive growth strategy for tougher times ahead,” says Krister Blomgren, CEO of Engcon Group.
Engcon has experienced a steady increase in sales over a number of years. The company is growing in France, the United States and the Netherlands and 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 the company’s future development.
“We will continue to have an offensive growth strategy, leveraging organic growth in new markets. We are experiencing a rapidly growing market for tiltrotators around the world,” continues Krister Blomgren.
Engcon's strategy for the coming years is firmly focused on continued growth, increased efficiency and a clear commitment to enhancing the everyday lives of excavators.
”We entered 2020 with a good financial performance in 2019. But Covid-19 has also hit us 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”.