Mincon revenues soar as sales of own-brand products increase

Irish engineering group Mincon saw own-brand sales increase in the first quarter of its trading year, resulting in improved revenues for the group as a whole.

Revenues grew 24% year-on-year as Mincon manufactured product sales shot up 30%.

On Thursday, Mincon told investors that it was continuing its strategy of improving its product mix by manufacturing what it sells itself.

Mincon-branded products represented 86% of sales in the first quarter, compared to 81% last year, after the group reviewed its manufacturing capabilities and built itself up to a level where it was capable of meeting customer orders in a "normal commercial timeframe".

"This allows us to focus on the efficiency of delivery and margins, and to reduce the extra overhead that had come into place to meet the last phase of growth, before we meet the service requirements of the new direct sales coming on stream through the rest of the year," said Mincon.

Third party sales dipped 5%, as expected.

"Our manufacturing and delivery, which has been an issue for the last two years, has caught up with our sales growth, and now that we can deliver in accordance with the customer requirements, we can focus on the efficiency of our factories and the value from our customer centres."

As of 1135 Mincon shares had picked up 1.98% to 103p.