Mincon Group (MCON)

Sector:

Engineering

74.00p
   
  • Change Today:
      1.00p
  • 52 Week High: 101.50
  • 52 Week Low: 73.00
  • Currency: UK Pounds
  • Shares Issued: 211.68m
  • Volume: 4,400
  • Market Cap: £156.64m

Mincon announces 15% drop in revenue, new chairman appointed

By Natasha Roberts

Date: Wednesday 20 Aug 2014

LONDON (ShareCast) - Mincon Group, an AIM-listed drilling tools manufacturer, posted a 15% drop in total first half revenue, hit by weakness in the global exploration and mining market.

Pre-tax profit at the engineering group for the period declined 28.7% to €5.46m from a year earlier on the lower turnover figure of €23.4m (2013 H1: €27.55m).

Earnings per share declined 43% from 3.70 cents to 2.11 cents year-on-year.

Chief executive officer Kevin Barry said the decline in the price of precious metals continued into 2014, hitting the drilling products market in which the company operates, particularly in relation to third party product.

"This weakness, combined with the significant devaluation of certain key currencies in which we trade, has impacted upon the group's result for the period resulting in a 15% decline in revenue and 21% decline in profit attributable to shareholders," he said.

The group also announced that its chairman, Peter Lynch, has been appointed to an executive role in the company and as such will step down at the annual general meeting on Friday 22 August.

His role will be taken up by senior independent director Padraig McManus.

The group also announced that it has acquired 65% interests in two distribution companies and a 60% stake in a manufacturing company, which together is expected to "increase and diversify" the group's product portfolio by giving it an offering in the rotary blast hole drilling industry and extending its distribution network.

Shares in Mincon fell 10% in morning trade.

NR

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Mincon Group Market Data

Currency UK Pounds
Share Price 74.00p
Change Today 1.00p
% Change 1.37 %
52 Week High 101.50
52 Week Low 73.00
Volume 4,400
Shares Issued 211.68m
Market Cap £156.64m

Mincon Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
64.05% above the market average64.05% above the market average64.05% above the market average64.05% above the market average64.05% above the market average
68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average
Price Trend
35.81% below the market average35.81% below the market average35.81% below the market average35.81% below the market average35.81% below the market average
9.52% below the sector average9.52% below the sector average9.52% below the sector average9.52% below the sector average9.52% below the sector average
Income
26.50% above the market average26.50% above the market average26.50% above the market average26.50% above the market average26.50% above the market average
41.67% above the sector average41.67% above the sector average41.67% above the sector average41.67% above the sector average41.67% above the sector average
Growth
1.62% below the market average1.62% below the market average1.62% below the market average1.62% below the market average1.62% below the market average
31.43% above the sector average31.43% above the sector average31.43% above the sector average31.43% above the sector average31.43% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
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Mincon Group Dividends

  Latest Previous
  Final Interim
Ex-Div 28-May-20 29-Aug-19
Paid 19-Jun-20 27-Sep-19
Amount 1.05¢ 1.05¢

Trades for 07-Jul-2020

Time Volume / Share Price
08:31 4,400 @ 78.00p

Mincon Group Key Personnel

CEO Joseph Purcell
Chair Hugh Mccullough
CFO Mark McNamara

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