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engcon’s interim report Q2 2022: Continued healthy growth and stable profitability
Regulatory

engcon’s interim report Q2 2022: Continued healthy growth and stable profitability

Second quarter 2022

  • Order intake increased 20 per cent to SEK 519 million (431); organic order growth was 16 per cent.
  • Net sales increased 35 per cent to SEK 534 million (395); organic net sales growth was 31 per cent.
  • Operating profit increased 19 per cent to SEK 99 million (83) and the operating margin was 18.5 per cent (21.0).
  • Profit for the period increased 32 per cent to SEK 82 million (62).
  • Basic and diluted earnings per share amounted to SEK 0.47 (0.37).

January – June 2022

  • Order intake increased 29 per cent to SEK 1,103 million (852); organic order growth was 25 per cent.
  • Net sales increased 29 per cent to SEK 981 million (759); organic net sales growth was 25 per cent.
  • Operating profit increased 21 per cent to SEK 190 million (157) and the operating margin was 19.4 per cent (20.7).
  • Profit for the period increased 31 per cent to SEK 156 million (119).
  • Basic and diluted earnings per share amounted to SEK 0.93 (0.70).

Significant events during the second quarter

  • Price increases for customers were announced on new orders as of 1 April 2022 in addition to the annual price adjustments that came into effect on 1 January.
  • A third generation tiltrotator system was launched at various trade shows.
  • At an Extraordinary General Meeting on 9 May, an extra dividend of SEK 90 million was approved, which was paid at the end of May.
  • In June, Rototilt Group AB filed a lawsuit regarding an alleged infringement of patented sensor technology in the Q-safe locking system. engcon has contested the claim.
  • On 17 June, engcon’s class B shares were listed on Nasdaq Stockholm.

CEO Krister Blomgren comments:

”We noted healthy demand and profitability in the second quarter despite an uncertain business environment. Our customers’ investment appetite remained high, resulting in organic order intake growth of 16 per cent. 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 by 31 per cent organically and operating profit improved by 19 per cent with contributions from all geographical markets. The gross margin was stable and price increases introduced at the start of the year as well as in early April offset somewhat the higher prices of raw materials, components and shipping. 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 for resource-efficient digging, and our ambition is to continue to strengthen our position as an industry-leading innovator of tiltrotators.”

Q2 presentation today at 10.00 CEST

The report will be presented by Krister Blomgren, CEO and Jens Blom, CFO at 10.00 a.m. CEST today at a webcasted telephone conference accessible via this link:
https://tv.streamfabriken.com/engcon-q2-2022

To participate via telephone, please dial in on any number below a couple of minutes before the start of the call:

SE: +46 8 505 163 86
UK: +44 20 319 84884
US: +1 412 317 6300

PIN-kod: 1622091#

The presentation material and a recorded version of the conference will be available at www.engcongroup.com.

For more information, please contact:

Anne Vågström, Head of Communications & Investor Relations
anne.vagstrom@engcon.se
+46 76 126 40 84

engcon is the leading global supplier of tiltrotators and associated equipment that enhance efficiency, flexibility, profitability, safety and sustainability of excavators. With knowledge, commitment and a high level of service, engcon’s slightly more than 400 employees create success for their customers. engcon was founded in 1990, headquartered in Strömsund, Sweden and address the market through 13 local sales companies and an established network of resellers around the world. Net sales amounted to approximately SEK 1.5 billion in 2021. engcon’s B share is listed on Nasdaq Stockholm.

For more information, visit www.engcongroup.com