Engineering company Mincon has reported higher operating profits and revenues for the year to the end of December as it sees signs of renewed confidence returning to the sector in which it operates.
The Co Clare-based rock drilling engineering company said its operating profit rose by 2% to €10.2m, while revenues for the year increased by 7% to €56.36m
Mincon makes a range of rock-drilling hammers and bits for a variety of industries including mining exploration, mining production, oil and gas drilling, water well drilling, geothermal drilling and seismic drilling.
Its chief executive Joe Purcell said there had been a "tone change" in the market last year.
Mr Purcell said the price of commodities are rising and the companies in the sector in which it operates are speaking with a new confidence and enthusiasm.
"We see early evidence of renewed interest in reopening and developing business in some of the markets and sectors in which we operate," Mr Purcell said.
"We also see substantial investment in sectors in which we are only peripherally involved to date, and in which we believe we should deliver an effective set of new products," he added.
Mincon has spent €15.4m on nine acquisitions over the last three years form the net proceeds of its IPO which raised €47m.
The company said it does not lack ambition to invest and acquire, but is very interested in buying what adds value to its manufacturing base, its distribution footprint and access to markets and sectors.
"We have an experienced management group, adequate funding, excellent products and an exciting product stream and I look forward to reporting on further progress in 2017 and beyond," Mr Purcell stated.
