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Mincon Group's revenue up 19% following construction sector growth
StockMarketWire.com
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Mincon Group has reported its total revenue for the nine months to end of September increased by 12% compared with 2019 but has taken a 'prudent approach' to suspend its interim dividend for 2020.
Revenue from the construction sector has continued to grow, although some of this growth was achieved through the sale of non-Mincon manufactured product, with a corresponding lower gross margin.
The environment in the mining sector is positive in light of the strong prices in precious metals and iron ore. Its trading in the sector, while in line with H1 2020, remains challenged by the Covid-19 pandemic due to the difficulties in shipping product, as the recovery from the initial shock of the pandemic evolves at various speeds in different regions.
Although the firm said it saw strong trading performance during 2020 to date, the effect of the Covid-19 pandemic on global trade over the coming six months at least, 'remains uncertain'.
In the absence of any significant adverse impact of the pandemic in the markets in the coming months, the board intends to increase the final dividend declared in respect of the financial year 2020 so that the final dividend will be in line with the total dividend paid for 2019.
At 8:33am: (LON:MCON) Mincon Group Plc share price was 0p at 85.5p
Story provided by StockMarketWire.com
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