10th Aug 2020 10:18
(Alliance News) - Mincon Group PLC on Monday reported a first-half earnings climb, despite the engineering firm encountering Covid-19 disruption among its mining customers in particular.
Revenue in the six months to June 30 was 7.9% higher year-on-year at EUR64.7 million from EUR59.9 million, the Shannon, Ireland-based firm said.
Mincon's pretax profit multiplied to EUR7.7 million from EUR1.1 million.
Chief Executive Joe Purcell said: "The first half of 2020 was a return to increasing revenue, profitability and cash generation for the Mincon Group. This was achieved despite the challenging operating environment due to the Covid-19 crisis."
Mincon postponed the decision on an interim payout, after a 1.05 euro cent dividend a year earlier.
The company manufactures and sells rock drilling tools. The majority of its customers are in the mining sector, though it also provides services to the construction industry.
"The group has witnessed mining customers in southern African countries, Australia and parts of Central and South American countries operations being interrupted," Mincon said.
"Towards the end of Q2 2020 the group has observed Covid-19 government measures being slowly unwound in most countries where the group has a presence, though it is expected that parts of these restrictions will remain in place for some time to come and that will continue to have a bearing on supply to the group's customers."
Mincon shares were untraded in London on Monday morning, last quoted at 68.50 pence.
By Eric Cunha; [email protected]
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