Shannon-headquartered engineering services company Mincon has said its business order volumes “remain healthy” despite inflationary pressures, while its latest results show it weathered the Covid disruption of last year well.
Mincon said it generated revenues of €144.4m last year, which was 11.1% ahead of 2020 levels. Pre-tax profits grew by 4.4%, in 2021, to €17.8m.
Mincon said supply chain challenges and increases in raw material prices had an impact on its margins last year, along with additional operational costs brought about by the ongoing pandemic.
However, it said it will pass on the inflationary costs – such as energy cost increases – through price increases to customers.
“The start of the year was particularly challenging due to the impact of the pandemic, but we worked hard to mitigate the impact by adapting our operations to suit the variable conditions,” said chief executive Joe Purcell.
“While strict Covid-19 health measures remained in place through the year in some areas, such as Western Australia, we still delivered a strong performance for the year, particularly in the second half where gross profits rose 16% on the second half of 2020,” he said.
Mincon traditionally makes drilling equipment for companies in the mining and construction sectors but has begun to expand its capabilities in recent times.
Last year, the company received a grant from the Government’s Disruptive Technologies Innovation Fund which will finance Mincon’s development of a robotic seabed drilling system along with the installation and testing of marine anchors, using micropile technology.
These micropile anchor foundations will be used for "a wide range of applications" including offshore wind turbines, Mincon has already said.
Mincon saw its strongest revenue growth, last year, in the mining industry.