Mincon's stock was up 11% on Tuesday at a price of
Mincon, which specialises in making rock drilling tools and other associated products, posted total revenue in 2017 of
Mincon's pretax profit rose to
Mincon is to pay a final dividend of
The company said the year was better than results suggest, with its 2017 own product sales eclipsing total sales for 2016.
Mincon is renewing product ranges as it protects its market position, and it said its Greenhammer hydraulic project is ready to approach commercialisation, something it described as an "exciting" prospect for 2018 and beyond.
The firm also announced on Tuesday the acquisition of Driconeq AB, a
The agreed price is
Mincon will pay for the deal from its existing cash, and no debt has been placed on Mincon subsidiaries.
Commenting on the acquisition, Chief Executive Joe Purcell said: "We are delighted to add these businesses and their teams to our group."
"We are at heart an engineering group, an industrial group, and these businesses should receive an opportunity to grow and develop over the coming years."
