Shannon-based Mincon eyeing more acquisitions

The engineering services group bought a number of companies last year

Mincon makes drilling equipment for companies in the mining and construction sectors.

Shannon-based engineering services group Mincon is looking to make further acquisitions on the back of a strong 2020 performance largely helped by purchases made last year.

The company makes drilling equipment for companies in the mining and construction sectors.

It has reported a near 8% increase in revenues – to just under €130m – for 2020, with operating profit ahead by over 54% to €18.3m.

Despite the backdrop of the Covid crisis, Mincon’s performance was helped by its equipment being widely used for essential projects and services. 

That meant its manufacturing facilities continued to operate normally in many of its international markets.

It was also helped by the contributions made by companies it acquired during the year. 

Mincon generated organic revenue growth of 3% last year. 

However, acquired companies added 5% to overall group revenue growth.

Mincon bought Finnish company Lehti and French business RocDrill during the year. Since the turn of the year, Mincon has also completed its acquisition of US hard rock drilling attachments maker Hammer Drilling Rigs.

"Growth through strategic acquisitions remains part of the group's strategy," Mincon said in its annual results presentation.

"We will continue to explore the market for acquisitions that fit our strategic goals, and which help us take opportunities that we believe are present in our industries and in new industries," it said.