Shannon-based engineering company Mincon has reported higher profits and revenues for 2020 as it was able to remain operational during the year despite the Covid-19 pandemic.
Mincon said its total revenue for the year to the end of December rose by 7.7% to €129.9m, while its profits soared by over 50% to €14.386m.
The company specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products.
It distributes precision engineered hard rock drilling tools for a range of industries, including mining, exploration, waterwell, geothermal, construction, horizontal directional drilling, oil, gas and energy.
Mincon said its equipment is widely used for essential projects and services, so in many markets its manufacturing facilities were able to continue operating despite Covid-19.
It also said its direct-to-market approach meant that its service centres remained productive and continued to deliver customer service "safely and responsibly".
In 2019, Mincon implemented changes to its regional management structure and it said that as the pandemic unfolded, the new structure enabled Mincon to be proactive rather than reactive.
"As a result, the pandemic had a more muted impact on the group's bottom line, and we ended 2020 with a positive profit growth," it stated.
In response to the initial emergence of the Covid-19 pandemic last year, Mincon decided to adopt a prudent approach by suspending the interim dividend for 2020.
But it said today it was recommending the payment of a full year dividend of 2.10 cent per ordinary share.
