Swedish excavator equipment manufacturer Engcon
increased its 2018 sales by by SEK137m (€12.79m) to SEK1.2bn (€112.04m) compared with the preceding year.
Earnings for 2018 were SEK157m (€14.66m). Engcon says the positive figures are due mainly to sales in countries such as the Netherlands and France showing significant progress.
It is estimated that there are tiltrotators on only around 2% of all excavators in the world, which Engcon says means there is huge market potential for all manufacturers in the industry.
Engcon claims to currently have 44% of the total tiltrotator market, and says it is well equipped to meet increasing global demand in the years ahead.
It adds that the US and Japan are two examples of markets facing major challenges in the construction industry in the coming years, with more efficient and safer working methods being required for those in the industry, which creates good opportunities for Engcon and its lineup of equipment.
“We are convinced that our tiltrotators, automatic quick hitches and safety hitches are the answer to many of their challenges," said Krister Blomgren, Engcon Holding CEO. "Our goal is quite simply to transform and streamline the excavator industry."
During the autumn of 2019, Engcon says it will recruit additional key personnel, begin new, collaborations and standardise its safety hitches to strengthen its position in the market.
"We're streamlining our processes and we choose to reinvest a large part of our profits to expand production, increase delivery capacity and become even better," said Blomgren. "We aim to stay one step ahead, and our positive earnings help us continue development."