Therefore, the profit of up to 24pc after foreclosure

  • Therefore, the profit of up to 24pc after foreclosure
    Independent.t. E.
    Shares in drilling equipment manufacturer, so yesterday shut down 4.78 PC at €1.71 each after the company reported a 19pc jump in half-year company.
    https://www.independent.ie/business/irish/mincon-profits-up-24pc-after-buyout-37213385.html
    https://www.independent.ie/business/irish/article37213384.ece/a3c63/AUTOCROP/h342/2018-08-14_bus_43249290_I1.JPG

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Shares in drilling equipment manufacturer, so yesterday shut down 4.78 PC at €1.71 each after the company reported a 19pc jump in half-year company.

Profit before tax rose by 24 PC in more than €7.8 m in the period. Results were achieved through the acquisition of peer business Driconeq.

CEO Joe Purcell said that the company will be able to shrug off the impact of leaving the UK, and potential trade wars.

“The potential impact of trade wars, tariffs and British exit from the EU business uncertainties, but now we consider such an effect would be neutral,” he said.

“While we are vigilant in the context of our business, products and markets, our plans are long-term, thought out and based around long-term goals.

“The team is confident in the business sector appears strong, delivery times increased for capital goods, which should mean strength in the industries we serve, and orders remain stable in most markets. There is efficiency in the way we do business and remains the focus of the Executive team,” he added.

A couple of years ago, the firm has embarked on a capital investment programme, reducing its emphasis on the acquisition on the grounds that he felt the estimates were generally too high.

Mr. Purcell said that a large part of this program was completed, and now, looking at what places are best for production in the future.

Colin Sheridan, an analyst at Davy, said that the operating profit therefore came to 11pc ahead of projections.

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