Mincon earnings set to drop by more than 20%

Full-year earnings at Shannon-based engineering services firm, Mincon, are expected to drop by over 20%, with revenues dipping by over 10% in 2014 before recent acquisitions start contributing to its bottom line next year.

Last week the company published its first set of figures as a public entity, but disappointed with first-half revenues dropping, year-on-year, by 15% to just over €23.4m; operating profit falling by 37% to almost €5.2m and earnings per share down by 43% to 2.11c.

“Numbers from Mincon, last week, were very disappointing,” Colin Sheridan of Davy Stockbrokers said in a research note yesterday.