ENGCON Group has reported a 13% increase in net sales in 2019.
The tiltrotator specialist’s sales figure of SEK 1.3 billion represents the tenth consecutive year that sales have grown. Profit margin, however, reduced from 16% to 14.5% with an operating profit of SEK 194,590,000.
Krister Blomgren, CEO of Engcon Group said, “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.”
Engcon said it has experienced a ‘steady increase’ in sales over a number of years. The company is growing in France, the USA and the Netherlands and will set up new offices in Australia and Korea in 2020.
Krister Blomgren added, “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.
“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.”