Revenues at Mincon rose 25 per cent in the first nine months of 2022 compared with the same period in 2021, the Irish engineering group said in a trading update on Tuesday, with the Shannon-based company reporting “significant progress” in reducing its backlog of orders.
The company – which specialises in the design, manufacture, sale and servicing of rock-drilling tools and associated products – said the growth it has experienced has been “mostly organic” and driven by “currency tailwinds” and price increases.
Mincon said that price hikes it implemented earlier this year had improved profit margins in the third quarter of the year compared with the first six months. However, it said wider margins in the third quarter had been “offset to some extent” by higher energy prices in its factories and “energy-related surcharges on raw materials”.
“During the past quarter we made significant progress in reducing our order backlog,” the company said. “This will facilitate production and logistics planning, and in particular enable us to significantly reduce air freight from our factories to our customer centres in the final quarter.”
Mincon chief executive Joe Purcell said he was “pleased” the group had “managed to negotiate a challenging market environment and achieve further growth in the third quarter”.
