Engcon Group's net sales in 2019 were just over SEK 1.3 billion. This is a 13 percent increase from the previous year. This is the tenth year in a row with higher sales. The past year was also characterized by awards, establishments in new markets and strategic choices for the future. In addition, demand for Engcon's products continued 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), decreasing the profit margin from 16 percent in 2018 to 14.5 percent in 2019.
"Of course it feels good to end the 2019 fiscal year with a positive result. We began to notice the economic downturn in the fall, but we were still able to achieve higher net sales. This is partly thanks to our establishment strategy in new markets. A good addition for tougher times in the near future," says Krister Blomgren, CEO of Engcon Group.
Engcon has seen stable growth for years. The company is growing in France, the U.S. and the Netherlands and will open new offices in Australia and Korea in 2020. Internally, the company has focused on recruiting key employees to be ready for the future and new developments.
"We will continue an ongoing aggressive growth strategy, with mainly organic growth in new markets. We see a rapidly growing market for turntables worldwide," continued Krister Blomgren.
Engcon's strategy for the coming years is aimed at further growth, higher efficiency and a clear focus on improving the daily lives of excavator operators.
"We entered 2020 with a good year behind us. But we suffered from Covid-19 and sales varied greatly in the spring. Nevertheless, we will continue on the path we have embarked on to get even closer to our end customers and to remain the first choice as a supplier of turntables for all excavators in the world.
- 90 million is being invested in the production facility in Strömsund, Sweden;
- Named one of the Best Managed Companies in Sweden during the first time the award was presented;
- The number of employees rises above 300;
- Crowned Master Gazelle by Swedish business magazine Di for 10 years of continuous growth;
- Introducing Team Engcon, an internal wellness initiative to improve staff health;
- Launched global campaign "Dig Smart. Dig Safe," for greater safety in the workplace;
- Net sales exceeded SEK 1.3 billion.