Clare-based Mincon revenues 7% ahead of last year

Irish engineering group Mincon has said revenue for the nine months to 30 September is 7 per cent ahead of the same period last year.

The Clare-based firm, which specialises in the design, manufacture, sale and servicing of rock-drilling tools and associated products, finished the third quarter with net cash of €35.1 million, rising from €33.8 million in June.

The company said capital investment has stepped up to nearly €4 million, and approximately 80 per cent of this expenditure has gone into the five factory floors in plant and machinery.

Mincon product sales were up 5 per cent, while third party sales were 15 per cent ahead.

Mincon’s drilling product played a crucial role in the rescue of Chilean miners in 2010. Mincon’s feat of engineering drilled a narrow 137mm hole through a half a mile of rock to establish communication with the men and provide them with food, water and medical supplies before they were rescued.