9th Nov 2020 11:20
(Alliance News) - Mincon Group PLC on Monday said it has seen an improvement in the first nine months of 2020 but said it has decided to suspend the payment of an interim dividend for the year.
Total revenue for the nine months to September 30 increased 12% year-on-year as revenue from the construction sector continued to grow. While it noted a positive environment in the mining sector as a result of strong prices in precious metals and iron ore, it stated its trading in the sector has been hurt due to difficulties in shipping product due to the pandemic.
The engineering firm said all its factories are now fully operational following the lifting of all regional government Covid-19 restrictions which were imposed in the first half.
Turning to dividends, Mincon stated that although it has seen a strong trading performance to date, it has decided to exercise caution and has suspended the payment of an interim dividend for the year. However, it said that barring any negative impact of the pandemic in the coming months, it intends to increase its final dividend so that the amount paid will be in line with 2019's total dividend of 1.05 euro cents.
Shares in Mincon were trading 1.8% lower at 84.00 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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