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Mincon post 15pc revenue fall in H1

Wednesday, August 20 11:13:55

Co-Clare based mining industry engineering group, Mincon, today reported a 15pc drop in half yearly revenues for the six months to the end of June.

Operating profits fell by 37pc to E5.157m from E8.192m due to weakness in the global exploration and mining market, which was driven by the decline in the price of precious metals.

But the company said that its board is recommending the payment of an interim dividend of one cent per ordinary share, the group's first as a public company.

"Given the macroeconomics environment, we are very pleased that demand for Mincon manufactured product has remained stable, with the 7pc reduction in revenue in sales of Mincon product solely due to the weakening of certain key currencies such as the South African rand and the Australian dollar, which devalued on average by 18pc and 14pc respectively," the company's chief executive Kevin Barry said.

Mincon makes a range of rock-drilling hammers and bits for a variety of industries including mining exploration, mining production, oil and gas drilling, water well drilling, geothermal drilling and seismic drilling.

It also said its chairman Peter E Lynch will step down from the role to take up a new executive role with the company.

The company said that senior independent director Padraig Mcmanus will assume the role of independent chairman.

For more visit: www.businessworld.ie