Mincon H1 Revenue Jumps 19% on Strong Construction Demand and Mining Rebound

Irish rock drilling tools manufacturer Mincon (MCON) announced a 19% year-over-year increase in first-half revenue to €87.8 million, propelled by strong performance in its construction segment. The company also reported a substantial rise in net profit, which reached €6.8 million for the six-month period, compared to just €0.7 million in the prior-year period.

Growth Drivers

The primary engine for the revenue increase was the company's construction division, which saw sales climb 23%. Mincon attributed this strength in part to a large project in North America that provided significant support during the half.

Additionally, the mining segment demonstrated a notable turnaround, with revenue growing 18% after experiencing a decline in the previous year. The company credited the recovery to improvements in its product offerings and enhanced customer service, according to its report.

Profitability and Financials

Mincon's profitability metrics showed broad improvement. Key figures for the first half include:

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• EBITDA: €13.8 million
• Gross Profit: €26.8 million
• Operating Income: €9.3 million

The company noted that margins improved due to operational efficiencies and an increase in in-house manufacturing. These measures helped to offset the impact of higher costs for tungsten carbide, a key raw material. During the period, Mincon also completed the sale of its Perth property, using the €8 million in proceeds to reduce its debt.

Outlook

Looking ahead, Mincon stated that it expects continued profitability growth for the remainder of 2026. The company sees market opportunities developing across both its core construction and mining sectors.

Management also anticipates that working capital demands will ease as secured projects progress toward delivery, which could further improve the company's financial position.