Record breaking year

“We’ve had a fantastic rebound after Covid”, says Chief Commercial Officer Magnus Terje Vold. “Our current performance is actually almost 20% above pre-pandemic levels.”

Already in October, the group passed the full year’s order intake budget, and 2022 ended up nearly 30 % ahead of target at 157 million Euros, beating the old yearly order intake record from 2018 by 18 %.

Throughout the year, rolling order intake records were broken repeatedly, and 14,3 million Euros worth of orders in December ensured a new 12 month rolling order intake record.

The CCO credits the positive effect of a strong customer focus.

“This is testimony to the hard work and dedication by our expert employees who do whatever they can to help our customers reach their productivity goals”, he smiles.

Overall, the company has done well in all regions they are represented - Asia, North America and Europe. They have also done well in all activity areas. The sale of induction power sources set a new record of 70,1 million Euros, up 52,2% from 2021.

“Breaking the 70 million Euro barrier was fantastic”, Vold says. “On top of that, we also broke the 50 million Euro barrier for service and after sales which came in at 51,4 million.”

Due to difficult market conditions in the EU and North America, the sale of induction hardening machines ended up slightly below budget at 35,2 million Euros. However, sales in Asia were well ahead of budget and ahead of previous years.

Obviously, market conditions play a large part in the growing success of the products. Electrification is likely to experience a tremendous growth over the next decade, and there is a global trend away from gas and flame heating towards eco-friendly alternatives like induction.

“This has proved very fortunate for us. In particular, there is a booming market for our induction welders”, says Magnus Vold. “The launch of the small but powerful Compact Weldac tube welder resulted in a 200% growth of our welder business around the world. This is proof that if a product is designed according to market requirements, it is able to beat any competitors.”

In the second quarter of 2023, ENRX will launch their next innovation – a small mobile air-cooled induction heating generator that can be used virtually everywhere there is electricity available.

“The fields of application will be nearly endless”, Vold says. “And I have tremendous faith that the Ventac, as it will be called, will prove to be invaluable in making many production processes both more efficient and more sustainable.”