10th Nov 2016 10:21
LONDON (Alliance News) - AIM-listed Mincon Group PLC said Thursday that its profit margin was boosted in the third quarter by foreign exchange movement.
The Irish engineering group said that for nine months to September 30 its revenue was 7% ahead of the same period in the previous year, within which Mincon product sales were 5% ahead and third-party product sales 15% ahead.
The company's gross profit margin for the third quarter was 41%, with the operating profit margin 16% and the pretax profit margin 19%, helped by positive exchange range movements.
Mincon said its South American business slowed down in the quarter in response to a slowdown in mining activities, but Australia continued to grow strongly in the quarter.
Mincon also noted it has reallocated some of its executive responsibilities and that John Doris, the company secretary, has stepped back from the interim Chief Financial Officer role, although it did not say who would take up the role.
Shares in Mincon were up 5.3% at 74.00 pence Thursday morning.
By Adam Clark; [email protected]
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