Engcon CEO positive after half-year results
24 August 2022
The CEO of Engcon, Krister Blomgren, says the company has strengthened its market position after announcing its financial results for the second quarter of 2022.
The Sweden-based tiltrotator specialist’s profit for the quarter – during which it introduced a new third generation tiltrotator – was up by almost a third compared to 12 months ago, at SEK82 million (US$7.7 million).
This contributed to an overall increase for the six months to the end of June of SEK31 million ($2.9 million), while net sales rose by 35% in the second quarter to finish up by 29% at SEK981 million ($92 million) for the half-year.
”We noted healthy demand and profitability in the second quarter despite an uncertain business environment,” said Krister Blomgren.
“Our customers’ investment appetite remained high, resulting in organic order intake growth of 16%. A strong order book will provide the basis for stable earnings for the quarters ahead. However, record-high energy prices and the subsequent consequences may affect demand from our customers.
“Net sales for the quarter increased and operating profit improved with contributions from all geographical markets,” he added.
“We anticipate that the price increases will gradually reach full effect in the next two quarters. The availability of certain components increased during the quarter, and even if deliveries cannot yet be optimised, we are seeing a reduction in lead times, which is positive.
“In the long term, we see continued healthy growth and our ambition is to continue to strengthen our position.”