StockMarketWire.com - Rock drilling tool specialist Mincon posted a rise in first-half profit thanks to construction contact wins.

Pre-tax profit for the six months through June increased to €7.66m, up from €1.15m on-year, as revenue rose 8% to €64.7m.

Operating profit rose 21% to €8.3m.

'The first half of 2020 was a return to increasing revenue, profitability and cash generation for the Mincon Group,' chief executive Joe Purcell said.

'This was achieved despite the challenging operating environment due to the Covid-19 crisis.'

'In January we completed the substantial acquisition of Lehti Group to bring the manufacturing margin for our Geotech products inhouse.'

'This, coupled with increasing our capacity to support large Geotech contracts in the construction industry, has helped to increase our gross margin in a growing and important sector for the group.'

'Indeed, this growth has helped to offset weakness in other markets due to Covid-19.'

At 8:00am: [LON:MCON] Mincon Group Plc share price was 0p at 74p



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