Mincon ‘outlook remains tough’

The Shannon-based engineer Mincon Group that provides rock drilling goods yesterday said the downturn of the mining industry amid the world commodities price slump had hit profits and that the outlook “remains challenging”.

The firm, which first came to the market in November 2013 and has over a dozen offices spread across the world, said it is now looking to cut costs, but will continue to seek out acquisition targets and expand into new markets.

It reported a 13% drop in operating profit to €4.5m in the six months to the end of June from a year earlier, as the costs of recent acquisitions and restructuring and a lower margin due to the pressures facing the mining industry hit home.