Press release -
Engcon reports an increase in net sales of 13 percent for 2019, the tenth consecutive year that sales have increased
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 fall 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 the United States, France 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 enhance 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”.
VIDEO: https://youtu.be/uJQeh1-bNm0
Highlights 2019:
- A SEK 90 million investment in the production facility in Strömsund, Sweden
- Recognized as one of Sweden's Best Managed Companies for this inaugural prize
- Company has 300+ employees
- Awarded by the Swedish business newspaper Di the “Mästargasell” for 10 years of continuous growth
- Launched Team Engcon, an internal health care initiative to improve the health of staff
- Ran a worldwide campaign, ”Dig Smart. Dig Safe”, for increased workplace safety
- Net sales exceeded SEK 1.3 billion
Topics
ENGCON
We are engcon, a company from the north of Sweden built and driven by people who put their heart and soul to change the world of digging. From the very first start our business has been built on a close relation with the end users of our products in order to optimize their everyday lives.
Founded by Stig Engström in 1990, engcon immediately began developing, the now world-leading, engcon tiltrotator. Over the years, new companies have been formed and the organisation´s structure has changed.
OUR VISION
Change the world of digging
OUR BUSINESS IDEA
As an independent manufacturer and supplier of advanced attachments for excavators,
we help excavation companies worldwide to create safer workplaces, optimize their resources and be more profitable.
OUR MISSION
To become the world’s leading, independent manufacturer of advanced attachments for excavators worldwide.
www.engcon.com
