Mincon cuts staff amid 14pc profit slide
Irish drilling equipment maker Mincon has 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, Mincon said in a trading update.
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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.
Earnings before interest, taxation, depreciation and amortisation for the half-year period were €9.5m, around 20pc below the forecasts of analysts at Davy Stockbrokers.
Originally founded in 1977 in Shannon, Mincon now has offices in 15 countries across five continents.