Macroeconomic ‘turbulence’ sees downturn in equipment orders
26 July 2023
Tiltrotator and attachments manufacturer Engcon has reported net sales of SEK1.2 billion (US$115.6 million) for the first six months of 2023, up 22% on the previous year with profits for the period up 51% to SEK235 million (US$22.6 million).
In its recently published half-year financial report, the Sweden-based company said the increase had been primarily driven by an organic growth rate of 17%.
However, Engcon also saw its order intake for the period decline by 32%, from SEK1.1 billion (US$106 million) in 2022 to SEK749 million (US$72.1 million).
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