Wednesday 21 August 2019

Mincon chairman steps down

The chairman of Irish drilling equipment maker Mincon has stepped down. Stock image
The chairman of Irish drilling equipment maker Mincon has stepped down. Stock image
Ellie Donnelly

Ellie Donnelly

Patrick Purcell, the chairman of Irish drilling equipment maker Mincon, has stepped down.

Mr Purcell, who founded the company, will remain as a non-executive director of the group.

Hugh McCullough, a non-executive director of Mincon since December 2016, has been appointed as chairman of the company with immediate effect.

Commenting on the change, Mr. McCullough said: "I am honoured to have been appointed as Mincon's chairman and look forward to working with the board and the executive team as we seek to deliver on the group's strategy and explore opportunities for future growth.”

“I would like to thank Patrick for his service as chairman of the group in recent years and I look forward to retaining his expertise and guidance as a non-executive director in the future."

Yesterday Mincon said it had cut around 10pc of its staff as part of a drive to reduce outgoings by €3m.

The various cost-cutting measures were implemented in the first half of this year, and the benefits will come through in the second half and beyond, the company said in a trading update.

Operating profit at the group dropped by 14pc to €6.9m in the six months to June 30.

During the period, the group reported moderate revenue growth of 8pc, to €60m. The increase in turnover was mainly driven by the full impact of its Driconeq acquisition in 2018, with Mincon seeing its market "softened" in the first half of this year.

Originally founded in 1977 in Shannon, Mincon now has offices in 15 countries across five continents.

Online Editors

Also in Business