Business

Revenue and profit increase at Mincon engineering company because costs are passed on to customers

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Irish engineering group Mincon said it was passing on rising energy and production costs to customers as it announced an 11.1% increase in revenue for 2021.

His company specializes in the design, manufacture, sale and service of rock drilling tools and related products

Last year, the group said total revenue was just over 144.4 million euros last year.

Earnings before profits, taxes, depreciation and amortization (EBITDA) reached 25.2 million euros, up 1.9 percent in 2020, while profit after tax came in at 17.8 million euros, up 4.4 percent in 2020.

The Group is proposing a final dividend of 1.05c per common share, taking a total dividend for 2021 of 2.10c per common share, equal to the 2020 level.

In similar terms, revenue grew 8pc, with expansion across all industries including mining, construction and geothermal, in the second half of the year. Mining business grew the most at 16pc.

Gross margin for 2021 is 33.8 percent, down slightly from 2020 (35.2 percent), Mincon said, reflecting higher freight and input costs, as well as an increase in third-party product sales to compensate for supply chain disruptions.

Mincon said the price increase had been “done cautiously to avoid increasing costs,” with plans to raise prices this quarter.

“We are delighted to report growth in revenue and profit for 2021, after a year characterized by challenging and uncertain market conditions due to uncertainty,” said CEO Joe Purcell. COVID-19 pandemic.

“The start of the year has been particularly difficult due to the impact of the pandemic, but we have worked hard to mitigate the impact by adapting our operations to changing conditions. While stringent COVID-19 health measures remained in place throughout the year in some areas, such as Western Australia, we delivered strong performance throughout the year. “

The group completed two acquisitions in 2021, including intellectual property from American company Hammer Drilling Rigs and Attakroc, a distributor in eastern Canada. It acquired US-based Spartan Drill Tools shortly after the end of the school year.

Mincon said book orders for 2022 “remained well as the market remained strong”.

https://www.independent.ie/business/irish/revenue-profit-up-at-engineering-firm-mincon-as-costs-passed-on-to-customers-41444242.html Revenue and profit increase at Mincon engineering company because costs are passed on to customers

Fry Electronics Team

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