10th Nov 2015 09:37
LONDON (Alliance News) - Irish engineer Mincon Group PLC said its revenue rose in the third quarter but expressed caution on its outlook given the tough conditions in mining markets and the challenges posed by currency volatility.
Mincon, which specialises in rock drilling tools and products, said its revenue in the third quarter to the end of September rose 43% year-on-year to EUR19.3 million, driven by acquisitions and increased volumes in the business.
Excluding acquisitions, third quarter revenue rose 15% year-on-year and 4.0% against the second quarter.
But the group said it saw no capital equipment sales in the quarter due to weak market conditions and said the current mining sector environment is also challenging and there is no evidence demand will take an upturn imminently. The significant drop in commodity prices has resulted in pricing pressures across the market.
Mincon said it also remains cautious on the challenges posed by currency market volatility.
Mincon shares were untraded early Tuesday, having last traded at EUR48.01.
By Sam Unsted; [email protected]; @SamUAtAlliance
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