Mincon untroubled by tariffs and Brexit

Mincon untroubled by tariffs and Brexit

By Geoff Percival

Shannon-based engineering services group Mincon has said that it is not overly concerned about the consequences of Brexit and tariffs on goods amid escalating trade wars.

The company, which makes industrial drilling tools for mining companies, said that on the back of a better-than-expected set of first-half figures that its long-term outlook remains positive.

Mincon shares rose almost 5%, valuing the firm at €360m.

“The potential impacts from trade wars, tariffs and the UK leaving the EU are business uncertainties, but at present, we are considering those impacts to be neutral,” said chief executive Joe Purcell.

“While we stay alert to the context of our businesses, products, and markets, our planning is long-term, considered and based around long-term objectives,” he said.

“The team is confident across the businesses, the sector appears strong, lead times have increased for capital goods which should mean strength in the sectors that we serve, and orders remain robust in most of our markets,” Mr Purcell said.

Mincon reported revenues of just over €55.7m for the first six months of this year, up 19% from a year earlier.

Operating profit of just under €8.1m was up from €6.8m a year earlier and was 10% ahead of analysts’ expectations.

“We have a lot of work to do to extract what the Mincon Group can actually deliver when we find our internal efficiencies and take the opportunities ahead of us for new products and new routes to market,” the company said.

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