Drillbit firm gives staff €1m bonus

Mincon, a Shannon-based industrial drillbit manufacturer, has reported an 18% increase in operating profits, despite being hit by currency fluctuations and a decision by the board to give staff a €1m bonus.

The company, which designed the drillbits used to rescue the Chilean miners trapped underground in 2010, reported that operating profits rose 18% to €15m last year, on the back of significant shareholder payments the previous year.

Mincon focused more on the sale of goods it manufactures itself rather than reselling third-party products, with the sale of their own products now representing nearly 80% of business.

Chief executive Kevin Barry said 2013 had been a landmark year.

However, Mincon’s gross profit fell 1.2% to €25.7m as revenues fell by 17% to €52m, down from €63m in 2012.

In recognition of the employees’ efforts in growing the company and achieving listings on the London and Irish stock exchanges, management decided to reward staff, not including senior management, with a €953,000 once-off award.