Sunday 18 August 2019

Mincon founder Purcell steps down as chairman

Departure: Patrick Purcell has stepped down as chairman of Mincon
Departure: Patrick Purcell has stepped down as chairman of Mincon
Ellie Donnelly

Ellie Donnelly

Patrick Purcell, the chairman and founder of Irish drilling equipment maker Mincon, has stepped down, a day after the group announced a 14pc drop in operating profits.

Mr Purcell (81) will remain as a non-executive director of the group, which has cut around 10pc of its staff this year as part of a drive to reduce outgoings by €3m.

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The impact of the cost- cutting measures implemented will come through in the second half of this year and beyond, the company said earlier this week.

Mr Purcell established Mincon back in 1977, before later floating it on the stock market in 2013.

The family still owns around 57pc of the Shannon-based business, which designed and made the drill that helped free 33 trapped Chilean miners in 2010.

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

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

During the period, the group reported revenue growth of 8pc, to €60m, which 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.

Elsewhere, Hostelworld has appointed Evan Cohen as an independent non-executive director.

Mr Cohen, a management and strategy consultant with more than 20 years' experience in the technology sector, will also join the company's audit, remuneration and nomination committees.

Most recently, he had operational responsibility for ride hailing company Lyft's entire United States east coast business. Mr Cohen was the sixth ever full-time employee at the location-based mobile service provider Foursquare, from 2010-2014, where his roles included that of chief operating officer.

He also advises startups through his own strategic consulting business, EVCO Advisory Services.

Michael Cawley, chairman of Hostelworld, said the company was "delighted" to welcome Mr Cohen to the board.

Irish Independent

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