Mincon primes itself for renewed acquisitions drive

Shannon-based engineering services firm Mincon is still actively looking for acquisitions, saying it can act without upping its debt levels.

The maker of industrial drilling tools for use by mining companies yesterday reported a strong set of full-year results for 2016. These showed a €6m jump in revenues to €76.2m and a near 18% rise in pre-tax profit to €11.33m.

The company has been on the outlook for takeover opportunities for some time but has been put off by what it deemed unrealistically high transaction values. That said, it has spent €15.4m on nine purchases in the past three years, with all proceeds coming from the €47m it rose via its 2013 flotation.