Engcon continues to strengthen its position as the company reports that it is the world’s largest manufacturer of tiltrotators. In 2016, the company generated sales of more than SEK 780 million (₤68.5 million), an increase of almost SEK 200 million (₤17.6 million) over 2015. This means, according to Engcon that it is almost twice as big as its nearest competitor. Contributing factors to the increase in turnover include a greater market share, strong growth in both the Nordic and non-Nordic markets, and a continued high rate of new product launches.
In summing up the 2016 financial year, Engcon reported an increase in sales of just over 32 per cent compared to 2015, when sales amounted to around SEK 580 million (₤51 million). Annual sales in 2016 were close on SEK 780 million (₤68.5 million).
“These are without a doubt compelling figures. We were more than satisfied when sales passed the half million mark, and now we’ve beaten that by a wide margin. The numbers speak for themselves; we are the biggest,” declares Krister Blomgren, Engcon Group CEO.
He continues, “In 2016, we expanded vigorously, opening offices in the Netherlands and France. What’s more, we once again launched several interesting products that give us further advantages over our competitors.”
Krister Blomgren can also see that sales of EC-Oil – Engcon’s solution for connecting hydraulic tools automatically without having to leave the cab – have picked up speed, and he predicts the product will become one of the future keys to the company’s growth.
“The safe, smart Q-Safe-D quick hitch, which is adapted for EC-Oil, our new GRD detachable grab and SWD cable sweeper, a standardized locking system, the DC2 proportional control system with remote support via the mobile phone network, and the many other smart functions we’ve developed all mean we enjoy a great technological lead,” says Krister Blomgren.
Trending up in 2017
Things are looking good for the 2017 financial year. The goal is to increase sales further and continue leading the pack. Krister Blomgren points to a series of events that suggest 2017 will be an equally strong year.
“During the year, we opened an office in North America, launched the EC233 – our most powerful tiltrotator thus far, aimed at excavators up to 33 metric tons – and invested millions in our Strömsund factory. An aggressive year, to say the least,” comments Blomgren, who predicts Engcon will probably enjoy annual sales of one billion kronor in time for the next financial statement.
Moreover, Engcon’s founder, Stig Engström, was honored with the 2017 Swedish Founder of the Year Award by Founders Alliance, a network for Sweden’s leading entrepreneurs, as a testament to the company’s strong economic development.