Engineering company Mincon has reported higher operating profits and revenues for the year to the end of December, sending its shares higher in Dublin trade today.
The Co Clare-based rock drilling engineering company said its operating profits rose by 38% to €14.04m while revenue for the year was up 28% to €97.3m.
Mincon's chief executive Joe Purcell said that 2017 was stronger for the company than the results suggest.
During the year the company bought PPC in Finland, which it said allows it to enter the construction industry and has given it a new suite of products.
It also bought the balance of Rotacan which is involved in the coal industry in Chile.
The company also announced today the acquisition of the Driconeq Group, which is a global supplier of high quality drill pipes and accessories for down-the-hole (DTH), rotary and reverse-circulation applications.
It has factories in Sunne in Sweden, Johannesburg in South Africa and Perth in Australia.
Joe Purcell said that confidence is high in the group, its products, management and people.
"We have tremendous opportunities in front of us that we have yet to realise in our revenues and returns," the CEO said.
"We are not under pressure to grow revenue, that is coming naturally from good products and good management teams, our focus will be on bedding down what we have and planning the profitability and cash flow from our existing sales," he added.
