By Najat Kantouar
Mincon Group has reported a revenue fall in the third quarter with lower margins, caused by sales weakness in the mining industry associated with exceptional expenses to implement a cost-reduction program.
The Irish engineering group said on Monday that for the nine months to Sept. 30, revenue decreased by 7% compared with the same period a year earlier, due to a contraction of sales into the mining industry in some regions. There was a particular weakness in Africa in recent months and the cancellation of one of two large scale construction projects in North America.
Gross margin for the year to third quarter dropped to 30.4% from 32.0% for the same period a year earlier cause by an inventory reduction program and reduced revenue in the mining industry.
However, the engineering group expects to deliver full-year earnings before interest, taxes, depreciation and amortization of approximately 20 million euros ($21.2 million), maintaining a positive outlook for the medium term, focusing on delivering new opportunities in current and new industries with better returns. In 2022, it reported an Ebitda of EUR27.5 million.
Write to Najat Kantouar at [email protected]
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