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engcon’s interim report Q4 2022: Record-high net sales and stable profitability

Fourth quarter 2022

  • Order intake declined -29 per cent to SEK 553 million (774); organic order growth was -33 per cent.
  • Net sales increased 46 per cent to SEK 541 million (370); organic net sales growth was 38 per cent.
  • Operating profit increased 57 per cent to SEK 121 million (77) and the operating margin was 22.4 per cent (20.8).
  • Profit for the period increased 20 per cent to SEK 90 million (75).
  • Basic and diluted earnings per share amounted to SEK 0.59 (0.48).

January – December 2022

  • Order intake increased 1 per cent to SEK 1,978 million (1,967); organic order growth was -4%.
  • Net sales increased 30 per cent to SEK 1,938 million (1,488); organic net sales growth was 24 per cent.
  • Operating profit increased 28 per cent to SEK 415 million (325) and the operating margin was 21.4 per cent (21.8).
  • Profit for the period increased 21 per cent to SEK 325 million (269).
  • Basic and diluted earnings per share amounted to SEK 2.01 (1.64).
  • The Board of Directors proposes a dividend of SEK 0.85 (2.90) per share, to be paid in two equal installments.

CEO Krister Blomgren comments:

”We end a historic year in which the company took the step of entering the stock market with our strongest ever quarter in terms of sales. Operating profit and profitability exceeded our financial targets and a strong order book provides security for the quarter ahead.

The year began with a larger price hike to compensate for increased supplier prices combined with component shortages, long lead times and the outbreak of war in Ukraine. Considerable pre-ordering and bunkering effects as a consequence of price hikes and long lead times resulted in a large proportion of orders being brought forward in the fourth quarter of 2021 and the first quarter of 2022. Combined with increased economic uncertainty, inflation and interest rates, this led to an expected downturn in Nordic and European markets in the fourth quarter compared with exceptional comparative figures. Despite this, the order intake was at a high level when seen from a long-term perspective.

High net sales in the quarter with full impact from the year’s price increases generated a strong operating margin of 22.4 per cent despite higher costs for the ongoing change of Group-wide business system. The positive earnings and profitability trend during the year is testament to our ability to meet and handle the challenges that result from an uncertain business environment and this is strengthening us for times ahead.

The continued high activity in the Americas is pleasing to witness. Our overall solution is attracting the US market, where we see considerable growth potential. It is worth noting that there was a break in the trend in 2022, with growth markets recording higher order intake than the Nordic region for the first time, thus making us less dependent on the mature market’s more cyclical excavator sales. We continue to invest in expansion in sales organization, production capacity in Poland and third generation tiltrotator system. Combined with a strong order book, shorter delivery times and a higher rate of production this provides us with a solid platform for continued growth and stable earnings despite being faced with a market that is difficult to predict.”

Q4 presentation today at 11.00 CEST

The report will be presented by Krister Blomgren, CEO and Jens Blom, CFO at 11.00 a.m. CEST today at a webcasted telephone conference accessible via this link:

To access the teleconference, and thereby be able to ask questions, please register via the link below. After registration, you will be provided phone numbers and a conference ID to log in.

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
+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 1.9 billion in 2022. engcon’s B share is listed on Nasdaq Stockholm.

For more information, visit www.engcongroup.com