Mincon reported a stronger first half, with revenue reaching €87.8 million, reflecting a 19% increase versus the same period a year earlier. Net profit for the six months rose to €6.8 million, compared with €0.7 million in the prior year, underscoring a notable turnaround in the companys bottom-line performance.
The firm completed the sale of its Perth property during the period and directed the €8 million in proceeds to debt reduction. Management highlighted that the sale contributed to a cleaner balance sheet as operational improvements gathered pace.
Business-line performance showed a pronounced shift toward construction activity. Construction revenue climbed 23%, driven in part by a sizeable project in North America that provided significant support. Mining revenue also improved, advancing 18% after a decline the previous year; the company attributed the mining recovery to enhancements in its product offering and customer service.
Profitability metrics reflected the revenue gains. First-half EBITDA stood at €13.8 million, while gross profit was €26.8 million. Operating income totalled €9.3 million and pretax profit was €8.98 million for the period. Management linked margin expansion to operational efficiencies and a greater share of production moved in-house, which helped mitigate the impact of elevated tungsten carbide costs.
Looking ahead, Mincon said it expects continued growth in profitability for the remainder of 2026. The company pointed to ongoing opportunities across both the construction and mining sectors. It also noted that working capital demands should ease as secured projects progress toward delivery, which would relieve near-term funding pressure.
Analysis - From a product and operations perspective, the results suggest a combination of demand recovery in key end markets and internal execution improvements. The construction segment appears to have benefited from project-led demand in North America, while the mining divisions rebound was linked explicitly to better product positioning and customer service. On the cost side, increased in-house manufacturing was cited as a lever that supported margin resilience despite higher input costs for tungsten carbide.
Financially, the Perth property sale and the use of proceeds to cut debt reduce leverage and help align the balance sheet with the companys stated objective of improving profitability. The companys guidance that working capital pressures should ease as projects are delivered is consistent with the expectation of improving cash conversion as revenue is realized.
Overall, Mincons first-half results show a mix of market-driven revenue gains and management actions aimed at operational efficiency and manufacturing control, which together underpinned the companys margin recovery and improved net profit.