Monday 21 October 2019

Revenue increases 21pc at Dublin-listed Mincon Group

Mincon equipment in use in drilling in South Africa
Mincon equipment in use in drilling in South Africa
Ellie Donnelly

Ellie Donnelly

Drilling equipment maker Mincon saw its revenue increase by 21pc to €117.7m in the 12 months to 31 December 2018.

Earnings before interest, taxation, depreciation, and amortisation, (EBITDA), for the year was €20m, around 5pc below what analysts at Davy Stockbrokers had estimated.

Meanwhile net profit of €13.8m was in line with analyst expectations.  

Joe Purcell, CEO of Mincon, said: It was another good year for the group, with revenue growth of 21pc. This consisted of 34pc growth in Mincon products of which circa 10pc was organic and the balance arose from acquisitions.”

“We achieved record profitability for the group at €16.4m of operating profit, a 16pc increase… I am also pleased to note that sales of our own manufactured products exceeded €100m for the first time,” Mr Purcell added.

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

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