1st Nov 2021 11:28
(Alliance News) - Mincon Group PLC on Monday said revenue in the nine months of 2021 was up annually, despite delivery delays and "pressure on margins".
The Shannon, Ireland-based engineering business stated that order levels increased "strongly" in the third quarter of the year. Production levels are also said to have increased, enabling the company to fulfil its orders for the last quarter of the year.
Revenue in the nine months to the end of September was up 6% year-on-year, Mincon said.
Mincon, however, noted that the delivery of materials to its factories, as well as the delivery of products to customers, have been delayed due to lengthier sea transport times. This has also resulted in higher sea freight costs.
The rising cost of raw material is also contributing to slimmer margins.
However, the group is keeping higher inventory of raw materials and products at its factories and customer centres to counter these headwinds.
Mincon shares were untraded in London on Monday morning, last quoted at 116.00 pence.
By Abby Amoakuh; [email protected]
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