REG - Mincon Group Plc - Final Results
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RNS Number : 9248V Mincon Group Plc 10 March 2026
Mincon Group plc
("Mincon" or the "Group")
2025 Full Year Financial Results
Mincon Group plc (Euronext: MIO AIM:MCON), the Irish engineering group
specialising in the design, manufacture, sale and servicing of rock drilling
tools and associated products, announces its results for the year ended 31
December 2025.
Financial Highlights
Continuing Operations 2025(1) Total 2025 Continuing Operations 2024(1) Total 2024 Change in Total
€'000 €'000 €'000 €'000 %
Total revenue 148,715 148,720 144,361 145,866 2%
Gross profit 44,432 44,410 40,234 40,059 11%
EBITDA 19,268 20,442 16,172 14,180 44%
Operating profit 10,905 12,079 7,607 5,506 119%
Profit for the period 4,804 5,520 3,392 1,766 213%
(1) The Group took the decision to close its Mincon Carbide businesses during
the year ended 31 December 2024 and dispose of its assets. The results of
these operations have been re-presented as discontinued operations in 2024
& 2025. See note 9 for further detail.
· Revenue: 2025 Group revenue of €148.7 million, an increase of
2% versus 2024.
§ Construction revenue increase of 14%, now our largest industry, with North
American construction returning to growth as previously delayed projects
commenced.
§ Mining revenue contraction of 9%, reflecting performance in certain
locations as we undertake a strategic realignment of our customer offering in
those locations on commoditised products.
§ Waterwell/geothermal industry remained subdued, however revenue increased
slightly, by 1%, due to the well-established customer base in the geothermal
industry in Northern Europe.
· EBITDA: 2025 EBITDA from continuing operations was approximately
€19.3 million, up 19% on 2024.
§ Benefits realised from the Group's review of it's operations, gained
momentum over the course of 2025 contributing to the improved EBITDA margin of
13.0% (2024: 11.2%).
§ Iimprovements in the Group's raw material supply chain enhanced margins,
with raw material costs decreasing by 4% as a proportion of
Mincon-manufactured revenue in 2025.
§ Large construction projects also contributed to the recovery of profit
margins in 2025
· Discontinued operations: The Group's discontinued operations in
2024 and 2025 included selling and closing the former carbide production
facility in Sheffield, which has also supported margin growth.
· Capital investment: Commissioned €3 million in capital
equipment, with the investment focused on ongoing investment in automation and
replacing older high-maintenance equipment.
· HIT System / (Greenhammer): Signed 3-year exclusive collaboration
agreement with Epiroc in September 2025 to commercialise the system.
· Working capital: the increase in 2025 minaly related to the build
up of inventory to service large construction proejects that began in Q4 2025.
· Dividend: Final dividend of 1.05c per ordinary share recommended
by the Board, subject to approval at the AGM, taking the total dividend for
2025 to 2.10c per ordinary share (2024: 2.10c per ordinary share).
· Outlook: We anticipate continued growth in 2026, driven in part
by our sustained investment and development in IP over recent years, along
with continued growth built on our proven success in large scale construction
projects. Additionally, the cost reductions achieved in production are
expected to further enhance our financial performance in 2026.
Geographic Markets
Revenue in the Americas constitutes the largest share among our regions and
increased by 6% in 2025, primarily, driven by growth of 12% in North America.
The biggest increase in our revenue in North America was due to project wins
in construction. We finished out the year in a strong position, and this has
been further strengthened by the commencement of projects that were previously
delayed. We believe our strong product offering, backed up by product
availability and onsite support, remains a key differentiator supporting
growth in this market. We are also seeing good revenue growth in mining in
North America.
The tariff environment and cost inflation in the US remains a challenge to
deal with and we are working closely with our customers to explain our
position and pass on price increases to try and mitigate these cost pressures.
Europe Middle East (EME) is our next largest region in terms of revenue and
that increased by 3% in 2025 over 2024. The notable features of this market
were the sluggish conditions within the geothermal industry in Northern Europe
as well as input cost inflation which was managed during the year. The
contraction in revenue in Northern Europe was offset by revenue growth in
Central Europe and the Middle East through our distribution networks there.
Our revenues in the Africa region increased by 13% which was helped by a
construction project win in the DRC and supplied during the year. This project
is now complete and is a good case study to enable us to win more
opportunities in the region. In mining we have seen a return to revenue growth
in West Africa which has been driven by key gold mining customers returning to
buy from us due to product performance, availability and support.
Finally, revenues in the Australia Pacific region (APAC) decreased by 28%
during the year. We are currently restructuring our business in the region to
ensure that it is better positioned to deal with the market realities there.
This ongoing work will stabilise the business and give us the opportunity to
pursue more profitable revenue targets that exist in this important region for
the Group.
Chief Executive's Review:
Joe Purcell said: "I am very pleased to report that we concluded the year with
significant enhancement in operating profit. The cost-reduction initiatives
implemented throughout the year have yielded a substantial increase in EBITDA
over the prior year, and these efforts are expected to continue moving
forward.
We are convinced that the global industries we are operating in are
fundamental to the push toward electrification. The requirement to rapidly
build out new electric generating capacity is placing enormous pressure on
supply chains around the world. The lead times on equipment suitable for new
fossil fuel power plants are hugely extended. As a result, there is a growing
realisation that renewable energy like solar and wind, represent a quicker
route to new capacity and as such is being increasingly installed globally.
Mincon is seeking to capitalise on this opportunity. The Group has a track
record of investing in our IP and despite difficult market conditions over
recent years, we have continued this investment. During 2025, we were pleased
to see our Subsea project continue to make a lot of progress, with a highlight
being the successful installation of a subsea anchor which is a significant
step in our journey toward certification. The system is now well understood by
several key stakeholders and our Subsea Micropiles partner is working on a
number of commercial opportunities in the offshore wind space as well as other
offshore construction opportunities.
In mining, the consolidation that we are seeing in copper mining reflects the
pressure to increase capacity to supply for the electrification push required.
This increased demand is also present for battery metals. The standout
increase has been the gold price movement and our existing business in this
sector is beginning to increase with good wins in West Africa and North
America as well as a growing opportunity in the Middle East.
On business development initiatives, we were also pleased to sign our
collaboration agreement with Epiroc to commercialise our HIT system (formerly
Greenhammer). For Mincon, we have addressed the biggest hurdle to widescale
adoption with ready access to a market leading rig platform which perfectly
suits the system. For Epiroc, they have a performance advantage over competing
rig manufacturers which will enable them to secure and grow market share for
single pass drilling solutions in the surface mining market. This can be
through a combination of converting the existing fleet in operation today and
delivering new bespoke systems that further push the performance boundaries.
In North America alone, taking into account the push to expand copper mining
output, we believe there exists a transformational opportunity for both Mincon
and Epiroc.
Therefore, if we consider the markets that we serve in construction, mining
and renewables, we see increasing demand for both the efficient product range
that Mincon offers today and, as the ramp up continues and costs and emissions
come under the microscope, the new products that we are developing for the
future.
On a personal note, I would like to acknowledge the support that I, and the
Purcell family, have received following the untimely passing of our founder,
Paddy Purcell. It was certainly a shock for us all and something that will
take some time to adjust to.
We now have a Company that I believe is on the cusp of something truly
wonderful that Paddy would have been so proud of and, I for one, will leave no
stone unturned to ensure that we deliver on the promise that we have worked so
hard to develop since Paddy founded the business. In discussions that I have
had with people at all levels in our business, this ambition is something that
is widely shared amongst our Group and I look forward to realising a brighter
future for Mincon."
10 March 2026
For further information, please contact:
Mincon Group plc Tel: +353 (61) 361 099
Joe Purcell CEO
Mark McNamara CFO
Tom Purcell COO
Davy Corporate Finance
(Nominated Adviser, Euronext Growth Listing Sponsor and Joint Broker) Tel:
+353 (1) 679 6363
Anthony Farrell
Daragh O'Reilly
Shore Capital (Joint Broker) Tel: +44 (0) 20 7408 4090
Malachy McEntyre
Mark Percy
Daniel Bush
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2025
2025 2025 2025
Notes
Continued Operations Discontinued Operation (Note 9) Total
€'000 €'000
€'000
Revenue 4 148,715 5 148,720
Cost of sales 6 (104,283) (27) (104,310)
Gross profit 44,432 (22) 44,410
Operating costs 6 (33,466) (189) (33,655)
Gain/(loss) on sale of property, plant and equipment (61) 1,385 1,324
Operating profit 10,905 1,174 12,079
Finance costs 7 (2,011) (1) (2,012)
Finance income 105 13 118
Foreign exchange (loss) (2,449) (75) (2,524)
Movement on deferred consideration 22 (5) - (5)
Profit before tax 6,545 1,111 7,656
Income tax expense 11 (1,741) (395) (2,136)
Profit for the period 4,804 716 5,520
Profit attributable to:
- owners of the Parent 4,804 716 5,520
Earnings per Ordinary Share
Basic earnings per share, 20 2.26 0.34 2.60
Diluted earnings per share, 20 2.19 0.33 2.51
2024 2024 2024
Notes
Continued Operations Discontinued Operation (Note 9) Total
€'000 €'000
€'000
Revenue 4 144,361 1,505 145,866
Cost of sales 6 (104,127) (1,680) (105,807)
Gross profit 40,234 (175) 40,059
Operating costs 6 (32,777) (1,016) (33,793)
(Loss)/gain on sale of property, plant and equipment 150 (910) (760)
Operating profit 7,607 (2,101) 5,506
Finance costs 7 (2,473) (18) (2,491)
Finance income 194 7 201
Foreign exchange gain/(loss) 161 (55) 106
Movement on deferred consideration 22 (2) - (2)
Profit before tax 5,487 (2,167) 3,320
Income tax expense 11 (2,095) 541 (1,554)
Profit for the period 3,392 (1,626) 1,766
Profit attributable to:
- owners of the Parent 3,392 (1,626) 1,766
Earnings per Ordinary Share
Basic earnings per share, 20 1.60 (0.77) 0.83
Diluted earnings per share, 20 1.57 (0.75) 0.82
The notes on pages 79 to 114 are an integral part of these consolidated
financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
2025 2024
€'000 €'000
Profit for the year 5,520 1,766
Other comprehensive (loss)/income:
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation - foreign operations (4,233) 428
Other comprehensive (loss)/income for the year (4,233) 428
Total comprehensive income for the year 1,287 2,194
Total comprehensive income attributable to:
- owners of the Parent 1,287 2,194
The notes on pages 79 to 114 are an integral part of these consolidated
financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
2025 2024
Notes €'000 €'000
Non-Current Assets
Intangible assets and goodwill 12 38,453 40,099
Property, plant and equipment 13 40,902 50,945
Deferred tax asset 11 2,549 2,547
Total Non-Current Assets 81,904 93,591
Non-Current Assets Held for Resale 9 4,882 751
Current Assets
Inventory and capital equipment 14 71,493 67,335
Trade and other receivables 15a 25,387 24,480
Prepayments and other current assets 15b 10,362 9,773
Current tax 520 485
asset
Cash and cash equivalents 22 11,650 15,027
Total Current Assets 119,412 117,100
Total Assets 206,198 211,442
Equity
Ordinary share capital 19 2,125 2,125
Share premium 67,647 67,647
Undenominated capital 39 39
Merger reserve (17,393) (17,393)
Share-based payment reserve 2,396 2,573
Foreign currency translation reserve (11,671) (7,438)
Retained earnings 105,820 104,762
Total Equity 148,963 152,315
Non-Current Liabilities
Loans and borrowings 18 18,587 23,770
Deferred tax liability 11 1,572 1,535
Deferred consideration 22 846 1,641
Other liabilities 211 385
Total Non-Current Liabilities 21,216 27,331
Current Liabilities
Loans and borrowings 18 14,946 13,913
Trade and other payables 16 10,826 9,170
Accrued and other liabilities 16 9,771 8,095
Current tax liability 476 618
Total Current Liabilities 36,019 31,796
Total Liabilities 57,235 59,127
Total Equity and Liabilities 206,198 211,442
The notes on pages 79 to 114 are an integral part of these consolidated
financial statements.
Approved by the Board and signed on it's behalf:
Paul
Lynch
Joseph Purcell
Chairman
Chief Executive Officer 10 March 2026
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2025
2025 2024
Notes €'000 €'000
Operating activities:
Profit for the period 5,520 1,766
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation 13 7,525 7,913
Amortisation of intellectual property 12 354 277
Amortisation of internally generated intangible asset 12 485 485
Movement on deferred consideration 5 2
Finance cost 7 2,012 2,491
Finance income (118) (201)
(Gain)/loss on sale of property, plant and equipment (1,324) 760
Income tax expense 11 2,136 1,554
Other non-cash movements 2,435 (353)
19,030 14,694
Changes in trade and other receivables (1,784) (2,555)
Changes in prepayments and other assets (591) 147
Changes in inventory (6,997) 3,308
Changes in trade and other payables 3,489 (2,457)
Cash provided by operations 13,147 13,137
Interest received 118 201
Interest paid (2,012) (2,491)
Income taxes paid (2,442) (1,866)
Net cash provided by operating activities 8,811 8,981
Investing activities
Purchase of property, plant and equipment 13 (3,002) (3,609)
Proceeds from the sale of property, plant and equipment 13 2,270 328
Investment in intangible assets 12 - (91)
Investment in acquired intangible assets 12 (485) (303)
Payment of deferred consideration 22 (195) (452)
Net cash used in investing activities (1,412) (4,127)
Financing activities
Dividends paid 19 (4,462) (4,462)
Repayment of borrowings 18/24 (8,000) (5,004)
Repayment of lease liabilities 18/24 (2,927) (3,058)
Drawdown of loans 18/24 4,845 2,210
Net cash used in financing activities (10,544) (10,314)
Effect of foreign exchange rate changes on cash (232) 5
Net decrease in cash and cash equivalents (3,377) (5,455)
Cash and cash equivalents at the beginning of the year 15,027 20,482
Cash and cash equivalents at the end of the year 11,650 15,027
Cash and cash equivalents for discontinued operations (Note 9) 449 344
Cash and cash equivalents for continuing operations 11,201 14,683
Cash and cash equivalents at the end of the year 11,650 15,027
The notes on pages 79 to 114 are an integral part of these consolidated
financial statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2025
Share Share premium Merger reserve Un-denominated Share-based payment reserve Foreign Retained earnings Total
capital capital currency translation reserve equity
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
Balances at 1 January 2024 2,125 67,647 (17,393) 39 2,241 (7,866) 107,458 154,251
Comprehensive income:
Profit for the year - - - - - - 1,766 1,766
Other comprehensive income:
Foreign currency translation - - - - - 428 - 428
Total comprehensive income 428 1,766 2,194
Transactions with Shareholders:
Issuance of share capital - - - - - - - -
Share-based payments - - - - 332 - - 332
Dividends - - - - - - (4,462) (4,462)
Total transactions with Shareholders - - - - 332 - (4,462) (4,130)
Balances at 31 December 2024 2,125 67,647 (17,393) 39 2,573 (7,438) 104,762 152,315
Comprehensive income:
Profit for the year - - - - - - 5,520 5.520
Other comprehensive (loss):
Foreign currency translation - - - - - (4,233) - (4,233)
Total comprehensive income (4,233) 5,520 1,287
Transactions with Shareholders:
Issuance of share capital - - - - - - - -
Share-based payments - - - - (177) - - (177)
Dividends - - - - - - (4,462) (4,462)
Total transactions with Shareholders - - - - (177) - (4,462) (4,639)
Balances at 31 December 2025 2,125 67,647 (17,393) 39 2,396 (11,671) 105,820 148,963
The notes on pages 78 to 114 are an integral part of these consolidated
financial statements. See note 19 for explanation of movements in reserve
balances.
Notes to the Consolidated Financial Statements
1. Description of business
The consolidated financial statements of Mincon Group plc (also referred to as
"Mincon" or "the Group") comprises the Company and its subsidiaries (together
referred to as "the Group"). The companies registered address is Smithstown
Industrial Estate, Smithstown, Shannon, Co. Clare, Ireland.
The Group is an Irish engineering Group, specialising in the design,
manufacturing, sale and servicing of rock drilling tools and associated
products. Mincon Group Plc is domiciled in Shannon, Ireland.
On 26 November 2013, Mincon Group plc was admitted to trading on the Euronext
Growth and the Alternative Investment Market (AIM) of the London Stock
Exchange.
2. Basis of preparation
These consolidated financial statements have been prepared in accordance with
the IFRS Accounting Standards as adopted by the European Union (IFRS), which
comprise standards and interpretations approved by the International
Accounting Standards Board (IASB) and endorsed by the EU.
The Group's financial statements consolidate those of the parent company and
all of its subsidiaries as of 31 December 2025. All subsidiaries have a
reporting date of 31 December.
The accounting policies set out in Note 3 have been applied consistently in
preparing the Group and Company financial statements for the years ended 31
December 2025 and 31 December 2024.
The Group and Company financial statements are presented in Euro, which is the
functional currency of the Company and also the presentation currency for the
Group's financial reporting. Unless otherwise indicated, the amounts are
presented in thousands of Euro. These financial statements are prepared on the
historical cost basis.
The preparation of the consolidated financial statements in conformity with
IFRS requires management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and
liabilities, income and expenses. The judgements, estimates and associated
assumptions are based on historical experience and various other factors that
are believed to be reasonable under the circumstances. Actual results could
differ materially from these estimates. The areas involving a high degree of
judgement and the areas where estimates and assumptions are critical to the
consolidated financial statements are discussed in Note 3.
The Directors believe that the Group has adequate resources to continue in
operational existence for the foreseeable future and that it is appropriate to
continue to prepare our consolidated financial statements on a going concern
basis.
3. Material accounting principles and significant accounting estimates and
judgements
The accounting principles as set out in the following paragraphs have, unless
otherwise stated, been consistently applied to all periods presented in the
consolidated financial statements and for all entities included in the
consolidated financial statements.
The following new and amended standards are not expected to have a significant
impact on the Group's consolidated financial statements:
New Standards adopted as at 1 January 2025
· Lack of Exchangeability (Amendments to IAS 21 The Effects of
Changes in Foreign Exchange Rates)
Standards, amendments and Interpretations to existing Standards that are not
yet effective and have been not adopted early by the Group
· Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7)
· Annual Improvements to IFRS Accounting Standards (Volume 11)
· Contracts Referencing Nature-dependent Electricity (Amendments to
IFRS 9 and IFRS 7)
· Presentation and Disclosure in Financial Statements (IFRS 18)
· Subsidiaries without Public Accountability: Disclosures (IFRS 19)
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Segment Reporting
An operating segment is a component of the Group that engages in business
activities from which it may earn revenue and incur expenses, and for which
discrete financial information is available. The operating results of the
operating segment is reviewed regularly by the Board of Directors, the chief
operating decision maker, to make decisions about allocation of resources and
also to assess performance.
Results are reported in a manner consistent with the internal reporting
provided to the chief operating decision maker (CODM). Our CODM has been
identified as the Board of Directors.
The Group has determined that it has one reportable segment (see Note 5). The
Group is managed as a single business unit that sells drilling equipment,
primarily manufactured by Mincon manufacturing sites.
Revenue Recognition
The Group is involved in the sale and servicing of rock drilling tools and
associated products. Revenue from the sale of these goods and services to
customers is measured at the fair value of the consideration received or
receivable (excluding sales taxes). The Group recognises revenue when it
transfers control of goods to a customer or has completed a service over a set
period (typically one month) for a customer.
The following provides information about the nature and timing of the
satisfaction of performance obligations in contracts with customers, including
significant payment terms, and the related revenue recognition policies.
Customers obtain control of products when one of the following conditions are
satisfied:
1. The goods have been picked up by the customer from Mincon's premises;
2. When goods have been shipped by Mincon, the goods are delivered to the
customer and have been accepted at their premises; or
3. The customer accepts responsibility of the goods during transit that is
in line with international commercial terms.
Where the Group provides a service to a customer, who also purchases Mincon
manufactured product from the Group, the revenue associated with this service
is separately identified in a set period (typically one month) and is
recognised in the Group's revenue as it occurs.
Invoices are generated when the above conditions are satisfied. Invoices are
payable within the timeframe as set in agreement with the customer at the
point of placing the order of the product or service. Discounts are provided
from time-to-time to customers.
Customers may be permitted to return goods where issues are identified with
regard to quality of the product. Returned goods are exchanged only for new
goods or a credit note. No cash refunds are offered.
Where the customer is permitted to return an item, revenue is recognised to
the extent that it is highly probable that a significant reversal in the
amount of cumulative revenue recognised will not occur. Therefore, the amount
of revenue recognised is adjusted for expected returns, which are estimated
based on the historical data for specific types of product. In these
circumstances, a refund liability and a right to recover returned goods asset
are recognised.
The Group recognises contract liabilities for consideration received in
respect of unsatisfied performance obligations and reports these amounts as
accruals and other liabilities in its consolidated statement of financial
position. Similarly, if the Group satisfies a performance obligation before it
receives the consideration, the Group recognises either a contract asset or a
receivable in its consolidated statement of financial position, depending on
whether something other than the passage of time is required before the
consideration is due.
The Group has elected to apply IFRS 15 Practical expedient, the Group does not
need to adjust the promised amount of consideration for the effects of a
significant financing component if the entity expects, at contract inception,
that the period between when the Group transfers a promised good or service to
a customer and when the customer pays for that good or service will be one
year or less.
Government Grants
Amounts recognised in the profit and loss account are presented under the
heading Operating Costs on a systematic basis in the periods in which the
expenses are recognised, unless the conditions for receiving the grant are met
after the related expenses have been recognised. In this case, the grant is
recognised when it is receivable. Current government grants have no conditions
attached.
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Operating expenses
Operating expenses are recognised in profit or loss as the service is utilised
or incurred.
Earnings per share
Basic earnings per share is calculated based on the profit for the year
attributable to owners of the Company and the basic weighted average number of
shares outstanding. Diluted earnings per share is calculated based on the
profit for the year attributable to owners of the Company and the diluted
weighted average number of shares outstanding.
Profit or loss from discontinued operations
A discontinued operation is a component of the Group that either has been
disposed of, or is classified as held for sale. A discontinued operation
represents a separate major line of the business. Profit or loss from
discontinued operations comprises the post-tax profit or loss of discontinued
operations and the post-tax gain or loss recognised on the measurement to fair
value less costs to sell or on the disposal group(s) constituting the
discontinued operation.
Taxation
Current tax comprises the expected tax payable or receivable on the taxable
income or loss for the year and any adjustment to the tax payable or
receivable in respect of previous years. The amount of current tax payable or
receivable is the best estimate of the tax amount expected to be paid or
received that reflects uncertainty related to income taxes, if any. It is
measured using tax rates enacted or substantively enacted at the reporting
date. Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset only if certain criteria are
met.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. Deferred tax is not recognised
for:
· business combination and that affects neither accounting nor
taxable profit or loss;
· temporary differences related to investments in subsidiaries,
associates and joint arrangements to the extent that the Group is able to
control the timing of the reversal of the temporary differences and it is
probable that they will not reverse in the foreseeable future; and
· taxable temporary differences arising on the initial recognition
of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits
and deductible temporary differences to the extent that it is probable that
future taxable profits will be available against which they can be used.
Future taxable profits are determined based on the reversal of relevant
taxable temporary differences. If the amount of taxable temporary differences
is insufficient to recognise a deferred tax asset in full, then future taxable
profits, adjusted for reversals of existing temporary differences, are
considered, based on the business plans for individual subsidiaries in the
Group. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax benefit will
be realised; such reductions are reversed when the probability of future
taxable profits improves.
Unrecognised deferred tax assets are reassessed at each reporting date and
recognised to the extent that it has become probable that future taxable
profits will be available against which they can be used.
Deferred tax is measured at the tax rates that are expected to be applied to
temporary differences when they reverse, using tax rates enacted or
substantively enacted at the reporting date.
The measurement of deferred tax reflects the tax consequences that would
follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if certain criteria are
met.
Leases
At inception of a contract, the Group assesses whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the right to
control the use of an identified asset, the Group uses the definition of a
lease in IFRS 16.
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Leases (continued)
(i) As a lessee
At commencement or on modification of a contract that contains a lease
component, the Group allocates the consideration in the contract to each lease
component on the basis of its relative stand-alone prices.
The Group recognises a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct
costs incurred and an
estimate of costs to dismantle and remove the underlying asset or to restore
the underlying asset or the site on which it is located, less any lease
incentives received.
The right-of-use asset is subsequently depreciated using the straight-line
method from the commencement date to the end of the lease term, unless the
lease transfers ownership of the underlying asset to the Group by the end of
the lease term or the cost of the right-of-use asset reflects that the Group
will exercise a purchase option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying asset, which is determined
on the same basis as those of property and equipment. In addition, the
right-of-use asset is periodically reduced by impairment losses, if any, and
adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease
payments that are not paid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily
determined, the Group's incremental borrowing rate.
The Group determines its incremental borrowing rate by obtaining interest
rates from various external financing sources.
The lease liability is measured at amortised cost using the effective interest
method. It is remeasured when there is a change in future lease payments
arising from a change in an index or rate, if there is a change in the Group's
estimate of the amount expected to be payable under a residual value
guarantee, if the Group changes its assessment of whether it will exercise a
purchase, extension or termination option or if there is a revised
in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment
is made to the carrying amount of the right-of-use asset, or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been
reduced to zero.
(ii) As a lessor
At inception or on modification of a contract that contains a lease component,
the Group allocates the consideration in the contract to each lease component
on the basis of their relative stand-alone prices.
When the Group acts as a lessor, it determines at lease inception whether each
lease is a finance lease or an operating lease.
When the Group is an intermediate lessor, it accounts for its interests in the
head lease and the sub-lease separately. It assesses the lease classification
of a sub-lease with reference to the right-of-use asset arising from the head
lease, not with reference to the underlying asset.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease
liabilities for leases of low-value assets and short-term leases, including IT
equipment. The Group recognises the lease payments associated with these
leases as an expense on a straight-line basis over the lease term.
Inventories and capital equipment
Inventories and capital equipment (rigs) are valued at the lower of cost or
net realisable value. Net realisable value is the estimated selling price in
the ordinary course of business less the estimated costs of completion and
selling expenses. The cost of inventories is based on the first-in, first-out
principle and includes the costs of acquiring inventories and bringing them to
their existing location and condition. Inventories manufactured by the Group
and work in progress include an appropriate share of production overheads
based on normal operating capacity. Inventories are reported net of deductions
for obsolescence.
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Intangible Assets and Goodwill
Goodwill
The Group accounts for acquisitions using the purchase accounting method as
outlined in IFRS 3 Business Combinations. Goodwill represents the future
economic benefits arising from a business combination that are
not individually identified and separately recognised. Goodwill is not
amortised and is tested annually.
Intangible assets
Expenditure on research activities is recognised in profit or loss as
incurred.
Development expenditure is capitalised only if the Group can demonstrate if
the expenditure can be measured reliably, the product or process is
technically and commercially feasible, future economic benefits are probable
and the Group intends to and has sufficient resources to complete development
and to use or sell the asset. Otherwise, it is recognised in the profit or
loss as incurred. Subsequent to initial recognition, development expenditure
is measured at cost less accumulated amortisation and any accumulated
impairment losses.
Acquired IP which has been obtained at a cost that can be measured reliably,
and that meets the definition and recognition criteria of IAS 38, will be
accounted for as an intangible asset.
Internally developed intangible assets are recognised post the development
phase once the company has assessed the development phase is complete and the
asset is ready for use. Internally generated assets have an finite life. They
will be amortised over a fifteen-year period on a straight-line basis.
Currently there is eleven years and nine months remaining on the amortisation.
Foreign Currency
Functional and presentation currency
The consolidated financial statements are presented in Euro currency units,
which is also the functional currency of the parent company.
Foreign currency transactions and balances
Transactions in foreign currencies (those which are denominated in a currency
other than the functional currency) are translated at the foreign exchange
rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated using the foreign exchange
rate at the statement of financial position date. Exchange gains and losses
related to trade receivables and payables, other financial assets and
payables, and other operating receivables and payables are separately
presented on the face of the income statement.
Exchange rate differences on translation to functional currency are reported
in profit or loss, except when reported in other comprehensive income for the
translation of intra-group receivables from, or liabilities to, a foreign
operation that in substance is part of the net investment in the foreign
operation.
Exchange rates for major currencies used in the various reporting periods are
shown in Note 22.
Translation of accounts of foreign entities
The assets and liabilities of foreign entities, including goodwill and fair
value adjustments arising on consolidation, are translated to Euro at the
exchange rates ruling at the reporting date. Revenues, expenses, gains, and
losses are translated at average exchange rates, when these approximate the
exchange rate for the respective transaction. Foreign exchange differences
arising on translation of foreign entities are recognised in other
comprehensive income and are accumulated in a separate component of equity as
a translation reserve.
On divestment of foreign entities, the accumulated exchange differences, are
recycled through profit or loss, increasing or decreasing the profit or loss
on divestments.
Business combinations and consolidation
The consolidated financial statements include the financial statements of the
Group and all companies in which Mincon Group plc, directly or indirectly, has
control. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. The financial
statements of subsidiaries are included in the consolidated financial
statements from the date on which control commences until the date on which
control ceases.
The consolidated financial statements have been prepared in accordance with
the acquisition method.
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Business combinations and consolidation (continued)
According to this method, business combinations are seen as if the Group
directly acquires the assets and assumes the liabilities of the entity
acquired. At the acquisition date, i.e., the date on which control is
obtained, each identifiable asset acquired, and liability assumed is
recognised at its acquisition-date fair value.
Consideration transferred is measured at its fair value. It includes the sum
of the acquisition date fair values of the assets transferred, liabilities
incurred to the previous owners of the acquiree, and equity interests issued
by the Group. Deferred consideration is initially measured at its
acquisition-date fair value. Any subsequent change in such fair value is
recognised in profit or loss, unless the deferred consideration is classified
as equity. In that case, there is no remeasurement and the subsequent
settlement is accounted for within equity. Deferred consideration arises in
the current year where part payment for an acquisition is deferred to the
following year or years.
Transaction costs that the Group incurs in connection with a business
combination, such as legal fees, due diligence fees, and other professional
and consulting fees are expensed as incurred.
Goodwill is measured as the excess of the fair value of the consideration
transferred, the amount of any non-controlling interest in the acquiree, and
the fair value of the Group's previously held equity interest in the acquiree
(if any) over the net of acquisition-date fair values of the identifiable
assets acquired and liabilities assumed. Goodwill is not amortised but tested
for impairment at least annually.
Non-controlling interest is initially measured either at fair value or at the
non-controlling interest's proportionate share of the fair value of the
acquiree's identifiable net assets. This means that goodwill is either
recorded in "full" (on the total acquired net assets) or in "part" (only on
the Group's share of net assets). The choice of measurement basis is made on
an acquisition-by-acquisition basis.
Earnings from the acquirees are reported in the consolidated income statement
from the date of control.
Intra-group balances and transactions such as income, expenses and dividends
are eliminated in preparing the consolidated financial statements. Profits and
losses resulting from intra-group transactions that are recognised in assets,
such as inventory, are eliminated in full, but losses are only eliminated to
the extent that there is no evidence of impairment.
Property, plant and equipment
Items of property, plant and equipment are carried at cost less accumulated
depreciation and impairment losses. Cost of an item of property, plant and
equipment comprises the purchase price, import duties, and any cost directly
attributable to bringing the asset to its location and condition for use. The
Group capitalises costs on initial recognition and on replacement of
significant parts of property, plant and equipment, if it is probable that the
future economic benefits embodied will flow to the Group and the cost can be
measured reliably. All other costs are recognised as an expense in profit or
loss when incurred.
Depreciation
Depreciation is calculated based on cost using the straight-line method over
the estimated useful life of the asset. The following useful lives are used
for depreciation:
Years
Buildings
20-30
Plant and equipment 3-10
The depreciation methods, useful lives and residual values are reassessed
annually. Land is not depreciated.
Right of use assets are depreciated using the straight-line method over the
estimated useful life of the asset being the remaining duration of the lease
from inception date of the asset. The depreciation methods, useful lives and
residual values are reassessed annually.
Gains or losses arising on the disposal of property, plant and equipment are
determined as the difference between the disposal proceeds and the carrying
amount of the assets and are recognised in profit or loss either within other
income or other expenses
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Financial Assets and Liabilities
Classification and initial measurement of financial assets financial
liabilities.
Financial assets and liabilities are recognised at fair value when the Group
becomes a party to the contractual provisions of the instrument. Purchases and
sales of financial assets are accounted for at trade date, which is the day
when the Group contractually commits to acquire or dispose of the assets.
Trade receivables are recognised once the responsibility associated with
control of the product has transferred to the customer. Liabilities are
recognised when the other party has performed and there is a contractual
obligation to pay. A financial asset and
a financial liability are offset and the net amount presented in the statement
of financial position when there is a legally enforceable right to set off the
recognised amounts and there is an intention to either settle on a net basis
or to realise the asset and settle the liability simultaneously.
The classification is determined by both:
• the entity's business model for managing the financial asset, and
• the contractual cash flow characteristics of the financial asset.
Subsequent measurement of financial assets and financial liabilities
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the
following conditions (and are not designated as FVTPL):
· they are held within a business model whose objective is to hold
the financial assets and collect its contractual cash flows, and
· the contractual terms of the financial assets give rise to cash
flows that are solely payments of principal and interest on the principal
amount outstanding.
After initial recognition, these are measured at amortised cost using the
effective interest method. Discounting is omitted where the effect of
discounting is immaterial.
Financial liabilities at amortised cost
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method.
Derecognition (fully or partially) of a financial liabilities occurs when the
rights to receive cash flows from the financial instruments expire or are
transferred and substantially all of the risks and rewards of ownership have
been removed from the Group. Financial liabilities are assessed at each
reporting date. The Group derecognises (fully or partially) a financial
liability when the obligation specified in the contract is discharged or
otherwise expires.
Impairment of financial assets
Financial assets are assessed from initial recognition and at each reporting
date to determine whether there is a requirement for impairment. Financial
assets require there expected lifetime losses to be recognised from initial
recognition.
IFRS 9's impairment requirements use forward-looking information to recognise
expected credit losses - the 'expected credit loss (ECL) model'. Instruments
within the scope of the requirements included loans and other debt-type
financial assets measured at amortised cost, trade and other receivables.
The Group considers a broader range of information when assessing credit risk
and measuring expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
· financial instruments that have not deteriorated significantly in
credit quality since initial recognition or that have low credit risk ('Stage
1'); and
· financial instruments that have deteriorated significantly in
credit quality since initial recognition and whose credit risk is not low
('Stage 2').
'Stage 3' would cover financial assets that have objective evidence of
impairment at the reporting date.
'12-month expected credit losses' are recognised for the first category (i.e.
Stage 1) while 'lifetime expected credit losses' are recognised for the second
category (i.e. Stage 2).
Measurement of the expected credit losses is determined by a
probability-weighted estimate of credit losses over the expected life of the
financial instrument.
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Financial Assets and Liabilities (continued)
Trade and other receivables
The Group makes use of a simplified approach in accounting for trade and other
receivables and records the loss allowance as lifetime expected credit losses.
These are the expected shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the financial
instrument. In calculating, the Group uses its historical experience, external
indicators and forward-looking information to calculate the expected credit
losses using a provision matrix.
The Group assesses impairment of trade and other receivables on a collective
basis as they possess shared credit risk characteristics they have been
grouped based on the days past due.
Borrowing costs
All borrowing costs are expensed in accordance with the effective interest
rate method.
Equity
Shares are classified as equity. Incremental costs directly attributable to
the issue of ordinary shares and share options are recognised as a deduction
from equity, net of any tax effect.
Financial instruments carried at fair value: Deferred consideration
Fair value is calculated based on the present value of future principal and
interest cash flows, discounted at the market rate of interest at the
reporting date. These are set amounts detailed in each contract.
Finance income and expenses
Finance income and expense are included in profit or loss using the effective
interest method.
Contingent liabilities
A contingent liability is a possible obligation or a present obligation that
arises from past events that is not reported as a liability or provision, as
it is not probable that an outflow of resources will be required to settle the
obligation or that a sufficiently reliable calculation of the amount cannot be
made.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with
maturities of three months or less.
Non-current assets and liabilities classified as held for sale and
discontinued operations
Non-current assets classified as held for sale are presented separately and
measured at the lower of their carrying amounts immediately prior to their
classification as held for sale and their fair value less costs to sell.
However, some held for sale assets such as financial assets or deferred tax
assets, continue to be measured in accordance with the Group's relevant
accounting policy for those assets. Once classified as held for sale, the
assets are not subject to depreciation or amortisation. Any profit or loss
arising from discontinued operation or its remeasurement to fair value less
costs to sell is presented in the profit or loss from discontinued
operations.
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been
issued. Share premium includes any premiums received on the issue of share
capital. Any transaction costs associated with the issuing of shares are
deducted from share premium, net of any related income tax benefits.
Retained earnings includes all current and prior period retained profits and
share-based employee remuneration.
Dividend distributions payable to equity shareholders are included in other
liabilities when the dividends have been approved in a general meeting prior
to the reporting date.
Provisions
A provision is recognised in the statement of financial position when the
Group has a legal or constructive obligation as a result of a past event, it
is probable that an outflow of economic benefits will be required to settle
the obligation, and the outflow can be estimated reliably. The amount
recognised as a provision is the best estimate of the expenditure required to
settle the present obligation at the reporting date. If the effect of the time
value of money is material, the provision is determined by discounting the
expected future cash flows at a pre-tax rate that reflects the current market
assessments of the time value of money and, where appropriate, the risks
specific to the liability.
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Provisions (continued)
A provision for restructuring is recognised when the Group has approved a
detailed and formal restructuring plan and the restructuring has either
commenced or been announced publicly. Future operating losses are not provided
for.
Defined contribution plans
A defined contribution retirement benefit plan is a post-employment benefit
plan under which the Group pays fixed contributions into a separate entity and
will have no legal or constructive obligation to pay further amounts.
Obligations for contributions to defined contribution retirement benefit plans
are recognised as an employee benefit expense in profit or loss when employees
provide services entitling them to the contributions.
Share-based payment transactions
The Group operates a long-term incentive plan (LTIP) which allows the Company
to grant Restricted Share Awards ("RSAs") to the Executive Management Team and
senior management. All schemes are equity settled arrangements under IFRS 2
Share-based Payment.
The grant-date fair value of share-based payment awards granted to employees
is recognised as an employee expense, with a corresponding increase in equity,
over the period that the employees become unconditionally entitled to the
awards. The amount recognised as an expense is adjusted to reflect the number
of awards for which the related service and non-market performance conditions
are expected to be met, such that the amount ultimately recognised as an
expense is based on the number of awards that meet the related service and
non-market performance conditions at the vesting date. It is reversed only
where entitlements do not vest because all
non-market performance conditions have not been met or where an employee in
receipt of share entitlements leaves the Group before the end of the vesting
period and forfeits those options in consequence.
Significant accounting estimates and judgements
The preparation of financial statements requires management's judgement and
the use of estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes. These estimates and
associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the prevailing circumstances.
Actual results may differ from those estimates. The estimates and assumptions
are reviewed on an ongoing basis. Revisions to the accounting estimates are
recognised in the period in which they are revised and in any future periods
affected.
Following are the estimates and judgements which, in the opinion of
management, are significant to the underlying amounts included in the
financial reports and for which there is a significant risk that future events
or new information could entail a change in those estimates or judgements.
Deferred consideration (Note 22)
The deferred consideration payable represents management's best estimate of
the fair value of the amounts that will be payable, discounted as appropriate
using a market interest rate. The fair value was estimated by assigning
probabilities, based on management's current expectations, to the potential
pay-out scenarios. The fair value of deferred consideration is primarily
dependent on the future performance of the acquired businesses against
predetermined targets and on management's current expectations thereof.
Climate-related matters
The long-term consequences of climate changes on financial statements are
difficult to predict and require entities to make significant assumptions and
develop estimates. Consistent with the prior year, as at 31 December 2025 the
Group has not identified significant risks induced by climate changes that
could negatively and materially affect the estimates and judgements currently
used in the Group's financial statements. Management continuously assesses the
impact of climate-related matters.
Goodwill (Note 12)
The initial recognition of goodwill represents management' best estimate of
the fair value of the acquired entities value less the identified assets
acquired.
During the annual impairment assessment over goodwill, management calculate
the recoverable value of the group using their best estimate of the discounted
future cash flows of the group. The fair values were estimated using
management's current and future projections of the Mincon Group's performance
as well as appropriate data inputs and assumptions.
3. Material accounting principles and significant accounting estimates and
judgements (continued)
Significant accounting estimates and judgements (continued)
Useful life and residual values of Intangible Assets (Note 12)
Distinguishing the research and development phase, determining the useful
life, and deciding whether the recognition requirements for the capitalisation
of development costs of new projects are met all require judgement. These
judgements are based on historical experience and various other factors that
are believed to be reasonable under the prevailing circumstances.
After capitalisation, management monitors whether the recognition requirements
continue to be met and whether there are any indicators that capitalised costs
may be impaired.
Trade and other receivables (Note 15)
Trade and other receivables are included in current assets, except for those
with maturities more than 12 months after the reporting date, which are
classified as non-current assets. The Group estimates the risk that
receivables will not be paid and provides for doubtful debts in line with IFRS
9.
The Group applies the simplified approach to providing for expected credit
losses (ECL) permitted by IFRS 9 Financial Instruments, which requires
expected lifetime losses to be recognised from initial recognition of the
receivables and considered at each reporting date. Loss rates are calculated
using a "roll rate" method based on the probability of a receivable
progressing through successive chains of non-payment to write-off.
Trade receivables are written off when there is no reasonable expectation of
recovery, such as a debtor failing to engage in a repayment plan with the
company. Where recoveries are made, these are recognised in the Consolidated
Income Statement.
4. Revenue
In the following table, revenue is disaggregated between Mincon manufactured
product and product that is purchased outside the Group and resold through
Mincon distribution channels.
2025 2024
€'000 €'000
Product revenue:
Sale of Mincon product 122,227 117,418
Sale of third party product 26,493 28,448
Total revenue 148,720 145,866
The Group's revenue disaggregated by primary geographical markets are
disclosed in Note 5.
The Group recognised contract liability amounting to €2 million as at 31
December 2025 (2024:€2 million) which represent customer payments received
in advance of performance that are expected to be recognised within the next
financial year. Contract liability is recorded under Other accruals and other
liabilities (Note 16).
5. Operating Segment
The CODM assesses operating segment performance based on operating profit.
Segment revenue for the year ended 31 December 2025 of €148.7 million (2024:
€145.9 million) is wholly derived from sales to external customers.
Entity-wide disclosures
The business is managed on a worldwide basis but operates manufacturing
facilities and sales offices in Ireland, Sweden, Finland, South Africa,
Western Australia, the United States and Canada and sales offices in ten other
locations including Eastern Australia, South Africa, France, Spain, Namibia,
Sweden, Chile and Peru. In presenting information on geography, revenue is
based on the geographical location of customers and non-current assets based
on the location of these assets.
5. Operating Segment (continued)
Revenue by region (by location of customers):
2025 2024
€'000 €'000
Region:
Ireland 870 2,161
Americas 63,147 59,481
Australasia 15,630 17,938
Europe, Middle East, Africa 69,073 66,286
Total revenue ((1)) 148,720 145,866
(1) Total revenue in 2025 & 2024 includes revenue from discontinued
operations.
During 2025, Mincon had sales in the USA of €39.4 million (2024: €33.4
million), Canada of €17.5 million (2024: €16.9 million) and Sweden of
€15.0 million (2024: €13.3 million), these individually contributed to
more than 10% of the entire Group's sales for 2025.
( ) 2025 2024
€'000 €'000
Region:
Americas 12,164 16,088
Australasia 4,280 10,167
Europe, Middle East, Africa 62,911 64,789
Total non-current assets((1)) 79,355 91,044
(1) Non-current assets exclude deferred tax assets.
During 2025, Mincon held non-current assets (excluding deferred tax assets) in
Ireland of €21.2 million (2024: €23.2 million), in the USA of €8.9
million (2024: €12.2 million) these separately contributed to more than 10%
of the entire Group's non-current assets (excluding deferred tax assets) for
2025.
( ) 2025 2024
€'000 €'000
Region:
Americas 3,284 4,900
Australasia 206 2,041
Europe, Middle East, Africa 16,154 18,855
Total non-current liabilities((1)) 19,644 25,796
(1) Non-current liabilities exclude deferred tax liabilities.
During 2025, Mincon held non-current liabilities (excluding deferred tax
liabilities) in Ireland of €10.9 million (2024: €13.6 million), this
contributed to more than 10% of the entire Group's non-current liabilities
(excluding deferred tax liabilities) for 2025.
6. Cost of Sales and operating expenses
Included within cost of sales and operating costs were the following major
components:
Cost of sales
2025 2024
€'000 €'000
Raw materials 39,675 43,326
Third party product purchases 20,612 22,081
Employee costs 20,190 19,591
Depreciation (Note 13) 5,207 5,416
In bound costs on purchases 3,856 3,527
Energy costs 2,615 2,623
Maintenance of machinery 1,744 1,498
Subcontracting 6,638 4,355
Amortisation of product development 485 485
Other 3,288 2,905
Total cost of sales ((1)) 104,310 105,807
(1) Total cost of sales in 2025 & 2024 includes cost of sales from
discontinued operations.
The Group invested approximately €4.5 million on research and development
projects in 2025 (2024: €3.8 million) €4.5 million of this has been
expensed in the period (2024: €3.8 million).
Operating costs
2025 2024
€'000 €'000
Employee costs (including Director emoluments) 19,421 19,770
Depreciation (Note 13) 2,318 2,497
Amortisation of acquired IP 354 277
Travel 1,802 2,068
Professional costs 2,124 2,759
Administration 3,134 2,806
Marketing 867 740
Legal cost 677 783
Other 2,958 2,093
Total other operating costs ((1)) 33,655 33,793
(1) Total other operating costs in 2025 & 2024 includes other operating
costs from discontinued operations.
The Group recognised €71,000 in Government Grants in 2025 (2024: €92,000).
These grants differ in structure from country to country and they primarily
relate to personnel costs.
7. Finance costs
2025 2024
€'000 €'000
Interest on lease liabilities 381 445
Interest on loans and borrowings 1,631 2,046
Finance costs ((1)) 2,012 2,491
(1) Finance costs in 2025 & 2024 includes finance costs from discontinued
operations.
8. Employee information
2025 2024
€'000 €'000
Wages and salaries - excluding Directors 33,381 33,171
Wages, salaries, fees and retirement benefit - Directors (Note 10) 885 721
Social security costs 3,231 2,952
Retirement benefit costs of defined contribution plans 2,291 2,185
Share-based payment expense (Note 21) (177) 332
Total employee costs ((1)) 39,611 39,361
(1) Total employee costs in 2025 & 2024 includes employee costs from
discontinued operations.
At 31 December 2025, there was €294,000 (2024: €206,000) accrued for and
not in paid pension contributions.
The average number of employees was as follows:
2025 2024
Number Number
Sales and distribution 123 123
General and administration 74 75
Manufacturing, service and development 313 332
Average number of persons employed 510 530
Retirement benefit and Other Employee Benefit Plans
The Group operates various defined contribution retirement benefit plans.
During the year ended 31 December 2025, the Group recorded €2.3 million
(2024: €2.2 million) of expense in connection with these plans.
9. Non-Current Assets Held for Resale and Discontinued Operations
In 2025, the Group's Board of Directors decided to downsize the property used
in our Australian manufacturing operations. As at 31 December 2025, the
property owned by Mincon Rockdrills Australia PTY, amounting to €4.9
million, was in the process of being sold to a third party, hence, was
reclassified to Non-current assets held for resale. This balance pertains to
land and building (Note 13). The said sale was completed on 31 January 2026
for a total consideration of AUD$13 million (€7.4 million) (Note 28).
In 2024, the Group's Board of Directors made the decision to cease trading of
its subsidiary Mincon Carbide in Sheffield, UK. All contracts with customers
in Mincon Carbide were fulfilled and all inventory and portion of the property
and equipment have been sold. As at 31 December 2024, few employees were still
employed to execute outstanding administrative activities. The Group assessed
that Mincon Carbide has ceased to be used and thus represents a discontinued
operation as at the reporting period.
As at 31 December 2024, the property, plant and equipment owned by Mincon
Carbide, amounting to €751,000, was in the process of being sold to a third
party, hence, was reclassified to Non-current assets held for resale. This
balance is made up of land and buildings of €740,000 and plant &
equipment of €11,000 (Note 13). Apart from the property, plant and
equipment, no other major classes of assets and liabilities of Mincon Carbide
were classified as held for sale. The said sale on 17 January 2025 was
completed for a total consideration of
£1.8 million (€2.2 million). Gain on sale of property, plant and equipment
amounting to €1.4 million was recognised in the 2025 consolidated statement
of income.
Cashflows generated by Mincon Carbide for the year ended 31 December 2025 and
2024 are as follows:
2025 2024
€'000 €'000
Operating activities (585) 137
Investing activities 713 241
Financing activities (23) (699)
Opening cash balance 344 665
Cash flows from discontinued operations 449 344
10. Statutory and other required disclosures
Operating profit is stated after charging the following amounts: 2025 2024
€'000 €'000
Directors' remuneration
Fees 275 235
Wages and salaries 552 426
Retirement benefit contributions 58 60
Total Directors' remuneration 885 721
Auditor's remuneration 2025 2024
€'000 €'000
Auditor's remuneration - Fees payable to lead audit firm
Audit of the Group financial statements 213 195
Audit of the Company financial statements 15 10
Other assurance services 15 15
243 220
Auditor's remuneration - Fees payable to other firms in lead audit firm's
network
Audit services 7 44
Other assurance services - -
Tax advisory services - 2
Total auditor's remuneration 7 46
11. Income tax
Tax recognised in income statement:
2025 2024
Current tax expense €'000 €'000
Current year 2,101 1,950
Adjustment for prior years - 51
Total current tax expense 2,101 2,001
Deferred tax expense
Origination and reversal of temporary differences 35 (447)
Total deferred tax expense 35 (447)
Total income tax expense ((1)) 2,136 1,554
(1) Total income tax expense in 2025 & 2024 includes income tax from
discontinued operations.
A reconciliation of the expected income tax expense is computed by applying
the standard Irish tax rate to the profit before tax and the reconciliation to
the actual income tax expense is as follows:
2025 2024
€'000 €'000
Profit before tax 7,656 3,320
Irish standard tax rate (12.5%) 12.5% 12.5%
Taxes at the Irish standard rate 957 415
Foreign income at rates other than the Irish standard rate 178 226
Losses created/utilised (35) 40
Capital gains tax 463 -
Other 573 873
Total income tax expense ((1)) 2,136 1,554
(1) Total income tax expense in 2025 & 2024 includes income tax from
discontinued operations.
11. Income tax (continued)
The Group's net deferred taxation asset was as follows:
2025 2024
€'000 €'000
Deferred taxation assets:
Reserves, provisions and tax credits 1,707 2,008
Tax losses and unrealised FX gains 842 539
Total deferred taxation asset 2,549 2,547
Deferred taxation liabilities:
Property, plant and equipment (1,572) (1,535)
Total deferred taxation liabilities (1,572) (1,535)
Net deferred taxation asset 977 1,012
The movement in temporary differences during the year were as follows:
Balance Recognised in Balance
1 January Profit or Loss 31 December
1 January 2024 - 31 December 2024 €'000 €'000 €'000
Deferred taxation assets:
Reserves, provisions and tax credits 2,012 (5) 2,007
Tax losses 652 (112) 540
Total deferred taxation asset 2,664 (117) 2,547
Deferred taxation liabilities:
Property, plant and equipment (2,099) 564 (1,535)
Total deferred taxation liabilities (2,099) 564 (1,535)
Net deferred taxation asset 565 447 1,012
Balance Recognised in Balance
1 January Profit or Loss 31 December
1 January 2025 - 31 December 2025 €'000 €'000 €'000
Deferred taxation assets:
Reserves, provisions and tax credits 2,008 (301) 1,707
Tax losses 539 303 842
Total deferred taxation asset 2,547 2 2,549
Deferred taxation liabilities:
Property, plant and equipment (1,535) (37) (1,572)
Total deferred taxation liabilities (1,535) (37) (1,572)
Net deferred taxation asset 1,012 (35) 977
Deferred taxation assets have not been recognised in respect of the following
items:
2025 2024
€'000 €'000
Tax losses 3,794 3,829
Total 3,794 3,829
12. Intangible assets and goodwill
Internally generated intangible asset Goodwill Acquired Total
intellectual
property
€'000 €'000 €'000 €'000
Balance at 1 January 2024 6,665 32,050 1,910 40,625
Acquired intellectual property - - 394 394
Amortisation of intellectual property - - (277) (277)
Amortisation of product development (485) - - (485)
Translation differences - (283) 125 (158)
Balance at 31 December 2024 6,180 31,767 2,152 40,099
Acquired intellectual property - - 485 485
Amortisation of intellectual property - - (354) (354)
Amortisation of product development (485) - - (485)
Translation differences - (577) (715) (1,292)
Balance at 31 December 2025 5,695 31,190 1,568 38,453
Goodwill relates to the acquisition of the below companies, being the dates
that the Group obtained control of these business:
· The remaining 60% of DDS-SA Pty Limited in November 2009
· The 60% acquisition of Omina Supplies in August 2014
· The 65% acquisition of Rotacan in August 2014
· The acquisition of ABC products in August 2014
· The acquisition of Ozmine in January 2015
· The acquisition of Mincon Chile in March 2015
· The acquisition of Mincon Tanzania in March 2015
· The acquisition of Premier in November 2016
· The acquisition of Rockdrill Engineering in November 2016
· The acquisition of PPV in April 2017
· The acquisition of Viqing July 2017
· The acquisition of Driconeq in March 2018
· The acquisition of Pacific Bit of Canada in January 2019
· The acquisition of Lehti Group in January 2020
· The acquisition of Rocdrill in May 2020
· The acquisition of Attakroc in June 2021
· The acquisition of Spartan Drilling Tools in January 2022
The Group accounts for acquisitions using the purchase accounting method as
outlined in IFRS 3 Business Combinations.
The recoverable amount of goodwill has been assessed based on estimates of
fair value less costs of disposal (FVLCD). The FVLCD valuation is calculated
on the basis of a discounted cash flow ("DCF") model. The most significant
assumptions within the DCF are weighted average cost of capital ("WACC"), tax
rates and terminal value assumptions. Goodwill impairment testing did not
indicate any impairment during any of the periods being reported. Four
sensitivities are applied as part of the analysis considering the effects of
changes in:
1) the WACC,
2) the EBITDA margin,
3) the long-term growth rate and
4) the level of terminal value capital expenditure.
The sensitivities calculate downside scenarios to assess potential indications
of impairments due to changes in key assumptions. The results from the
sensitivity analysis did not suggest that goodwill would be impaired when
those sensitivities were applied.
12. Intangible assets and goodwill (continued)
The carrying amount of the CGU was determined to be lower than its fair value
less costs of disposal by €8.4 million (2024: €9.0 million), giving
management headroom and comfort in the above stated impairment assessment.
The key assumptions used in the estimation of the fair value less cost
calculation were as follows:
( )
2025 2024
WACC 12.33% 13.55%
EBITDA margin 15.89% 17.96%
Long term growth rate 2.22% 2.35%
Terminal value capital expenditure €5.5 million €7.2 million
The WACC calculation considers market data and data from comparable public
companies. Peer group data was especially considered for the beta factor and
assumed financing structure (gearing level). The analysis resulted in a
discount rate range of 11.5% to 13.3% (2024: 12.5% to 14.6%). This results in
a midpoint WACC being used of 12.43% (2024: 13.55%).
The Long term growth rate of 2.22% (2024: 2.35%) applied is based on a
weighted average of the long term inflation rates of the countries in which
Mincon generates revenues and earnings.
The budgeted EBITDA was based on expectations of future outcomes, taking
account for past experience, adjusted for anticipated revenue growth as
detailed in managements approved Budget. No EBITDA margin effect is assumed in
the terminal value i.e. the budgeted EBITDA margin of 15.9% for 2028 (2024:
18% for 2027) is assumed in the Terminal Value calculation used to arrive at
the FVLCD.
Terminal value capital expenditure assumes no balance sheet growth is assumed
in the terminal value, capital expenditure is assumed to equal depreciation of
€5.5 million (2024: €7.2 million).
The following table shows the amount by which the two assumptions below would
need to change to individually for the estimated recoverable amount to be
equal to the carrying amount.
( ) 2025 2024
WACC 13.35% 14.16%
Long term growth rate 1.19% 1.12%
13. Property, plant and equipment
Land & Plant & ROU
Buildings Equipment Assets Total
€'000 €'000 €'000 €'000
Cost: ( )
At 1 January 2024 21,644 68,123 11,596 101,363
Additions 73 3,536 3,182 6,791
Transfer of Non-Current Assets Held for Re-Sale (Note 9) (844) (25) - (869)
Disposals and derecognition of ROU assets - (5,332) (192) (5,524)
Foreign exchange differences 136 783 74 993
At 31 December 2024 21,009 67,085 14,660 102,754
Additions 207 2,795 2,698 5,700
Transfer of Non-Current Assets Held for Re-Sale (Note 9) (5,481) - - (5,481)
Disposals and derecognition of ROU assets - (3,960) (1,360) (5,320)
Foreign exchange differences (884) (2,770) (496) (4,150)
At 31 December 2025 14,851 63,150 15,502 93,503
Accumulated depreciation: ( )
At 1 January 2024 (4,850) (35,458) (6,292) (46,600)
Charged in year (762) (5,081) (2,070) (7,913)
Transfer of Non-Current Assets Held for Re-Sale (Note 9) 104 14 - 118
Disposals - 2,994 192 3,186
Foreign exchange differences (62) (495) (43) (600)
At 31 December 2024 (5,570) (38,026) (8,213) (51,809)
Charged in year (692) (4,763) (2,070) (7,525)
Transfer of Non-Current Assets Held for Re-Sale (Note 9) 599 - - 599
Disposals - 2,738 1,109 3,847
Foreign exchange differences 202 1,793 292 2,287
At 31 December 2025 (5,461) (38,258) (8,882) (52,601)
Carrying amount: 31 December 2025 9,390 24,892 6,620 40,902
Carrying amount: 31 December 2024 15,439 29,059 6,447 50,945
Carrying amount: 1 January 2024 16,794 32,665 5,304 54,763
ROU assets includes Property of €5.2 million (2024: €5.5 million) and
Plant and Equipment of €1.4m (2024: €967,000).
The depreciation charge for property, plant and equipment is recognised in the
following line items in the income statement:
2025 2024
€'000 €'000
Cost of sales 4,780 4,971
Cost of sales ROU assets 427 445
Operating expenses 675 872
Operating expenses ROU asset 1,643 1,625
Total depreciation charge for property, plant and equipment 7,525 7,913
14. Inventory and capital equipment
2025 2024
€'000 €'000
Finished goods 46,137 44,807
Work-in-progress 10,518 9,309
Raw materials 14,838 13,219
Total inventory 71,493 67,335
The Group recorded an impairment of €NIL against inventory to take account
of net realisable value during the year ended 31 December 2025 (2024: €NIL).
Write-downs are included in cost of sales.
15. Trade and other receivables and other current assets
a) Trade and other receivables
2025 2024
€'000 €'000
Gross receivable 26,770 26,165
Provision for impairment (1,383) (1,685)
Net trade and other receivables 25,387 24,480
Provision for impairment
€'000
Balance at 1 January 2025 (1,685)
Decrease in ECL model 302
Balance at 31 December 2025 (1,383)
The following table provides the information about the exposure to credit risk
and ECL's for trade receivables as at 31 December 2025.
Weighted average loss rate % Gross carrying amount €'000 Loss allowance €'000
Current (not past due) 2% 18,515 322
1-30 days past due 9% 4,056 347
31-60 days past due 19% 852 159
61 to 90 days 10% 3,084 292
More than 90 days past due 100% 263 263
Net trade and other receivables 26,770 1,383
The following table provides the information about the exposure to credit risk
and ECL's for trade receivables as at 31 December 2024.
Weighted average loss rate % Gross carrying amount €'000
Loss allowance €'000
Current (not past due) 2% 16,800 374
1-30 days past due 12% 3,825 459
31-60 days past due 19% 1,793 340
61 to 90 days 11% 3,624 389
More than 90 days past due 100% 123 123
Net trade and other receivables 26,165 1,685
15. Trade and other receivables and other current assets (continued)
b) Prepayments and other current assets
( ) 2025 2024
€'000 €'000
Plant and machinery prepaid and under commission 6,485 5,736
Prepayments and other current assets 3,877 4,037
Prepayments and other current assets 10,362 9,773
16. Trade creditors, accruals and other liabilities
( ) 2025 2024
€'000 €'000
Trade creditors 10,826 9,170
Total creditors and other payables 10,826 9,170
( ) 2025 2024
€'000 €'000
VAT 164 351
Social security costs 975 1,299
Other accruals and liabilities 8,632 6,445
Total accruals and other liabilities 9,771 8,095
17. Capital management
The Group's policy is to have a strong capital base in order to maintain
investor, creditor and market confidence and to sustain future development of
the business. Management monitors the return on capital, as well as the level
of dividends to ordinary shareholders.
The Board of Directors seeks to maintain a balance between the higher returns
that might be possible with higher levels of borrowing and the advantages and
security afforded by a sound capital position.
The Group monitors capital using a ratio of 'net debt' to equity. Net debt is
calculated as total liabilities less cash and cash equivalents (as shown in
the statement of financial position).
( ) 2025 2024
€'000 €'000
Total liabilities (57,063) (59,127)
Less: cash and cash equivalents 11,650 15,027
Net debt (45,413) (44,100)
Total equity 149,090 152,315
Net debt to equity ratio 0.30 0.29
18. Loans and borrowings
2025 2024
Maturity €'000 €'000
Bank loans 2026-2034 26,072 29,802
Lease Liabilities 2026-2030 7,461 7,881
Total loans and borrowings 33,533 37,683
Current 14,946 13,913
Non-current. 18,587 23,770
The Group has a number of bank loans and lease liabilities with a mixture of
variable and fixed interest rates. The Group has not been in default on any of
these debt agreements during any of the periods presented. The loans are
secured against the assets for which they have been drawn down for.
The Group has been in compliance with all debt agreements during the periods
presented.
Interest rates on current borrowings are at an average rate of 5.58% (2024:
5.51%).
During 2025, the Group availed of the option to enter into overdraft
facilities and to draw down loans of €4.8 million (2024: €2.2 million),
comprising of: €4.0 million (2024: €1.5 million) in loans and €800,000
(2024: €650,000) in overdraft facilities.
Reconciliation of movements of liabilities to cash flows arising from
financing activities
( ) Balance at 1 January 2025 Cash movements Non-cash movements Foreign exchange differences Balance at 31 December 2025
( ) €'000 €'000 €'000 €'000 €'000
Loans and borrowings 29,802 (3,155) - (575) 26,072
Lease liabilities 7,881 (2,927) 2,752 (245) 7,461
Total 37,683 (6,082) 2,752 (820) 33,533
( ) Balance at 1 January 2024 Cash movements Non-cash movements Foreign exchange differences Balance at 31 December 2024
( ) €'000 €'000 €'000 €'000 €'000
Loans and borrowings 32,486 (2,826) - 142 29,802
Lease liabilities 7,626 (3,026) 3,219 62 7,881
Total 40,112 (5,852) 3,219 204 37,683
2025 Interest rate range 2025 Effective interest rate
Bank loans 1% - 13% 5.20%
Lease Liabilities 1% - 17% 6.02%
2024 Interest rate range 2024 Effective interest rate
Bank loans 1% - 16% 5.30%
Lease Liabilities 1% - 17% 5.81%
19. Share capital and reserves
At 31 December 2025
Authorised Share Capital Number €000
Ordinary Shares of €0.01 each 500,000,000 5,000
Allotted, called-up and fully paid up shares Number €000
Ordinary Shares of €0.01 each 212,472,413 2,125
( ) 2025 2024
Opening Share Capital 212,472,413 212,472,413
Share Awards vested during year - -
Authorised Share Capital 212,472,413 212,472,413
Share issuances
On 26 November 2013, Mincon Group plc was admitted to trading on the Euronext
Growth and the Alternative Investment Market (AIM) of the London Stock
Exchange.
Voting rights
The holders of Ordinary Shares have the right to receive notice of and attend
and vote at all general meetings of the Company and they are entitled, on a
poll or a show of hands, to one vote for every Ordinary Share they hold. Votes
at general meetings may be given either personally or by proxy. Subject to the
Companies Act and any special rights or restrictions as to voting attached to
any shares, on a show of hands every member who (being an individual) is
present in person and every proxy and every member (being a corporation) who
is present by a representative duly authorised, shall have one vote, so,
however, that no individual shall have more than one vote for every share
carrying voting rights and on a poll every member present in person or by
proxy shall have one vote for every share of which he is the holder.
Dividends
In June 2025, Mincon Group plc paid a final dividend for 2024 of €0.0105
(1.05 cent) per ordinary share (€2.2 million).
In December 2025, Mincon Group plc paid an interim dividend in the amount of
€0.0105 (1.05 cent) per ordinary share (€2.2 million total payment), which
was paid to shareholders on the register at the close of business on 14
November 2024.
The Directors recommend the payment of a final dividend of €0.0105 (1.05
cent) per share for the year ended 31 December 2025 (31 December 2024: 1.05
cent per share).
Share premium and other reserves
As part of a Group reorganisation of the Company, Mincon Group plc, became the
ultimate parent entity of the Group. On 30 August 2013, the Company acquired
100% of the issued share capital in Smithstown Holdings and acquired (directly
or indirectly) the shareholdings previously held by Smithstown Holdings in
each of its subsidiaries, thereby creating a merger reserve.
20. Earnings per share
Basic earnings per share (EPS) is computed by dividing the profit for the
period available to ordinary shareholders by the weighted average number of
Ordinary Shares outstanding during the period. Diluted earnings per share is
computed by dividing the profit for the period by the weighted average number
of Ordinary Shares outstanding and, when dilutive, adjusted for the effect of
all potentially dilutive shares. The following table sets forth the
computation for basic and diluted net profit per share for the years ended
31 December:
20. Earnings per share (continued)
2025 2024
Numerator (amounts in €'000):
Profit attributable to owners of the Parent 5,520 1,766
Denominator (Number):
Basic shares outstanding
Restricted share awards
Diluted weighted average shares outstanding
212,472,413 212,472,413
7,110,000 3,640,000
219,582,414 216,112,414
Earnings per Ordinary Share
Basic earnings per share, € 2.60 0.83
Diluted earnings per share, € 2.51 0.82
Diluted weighted average shares outstanding
212,472,413
212,472,413
7,110,000
3,640,000
219,582,414
216,112,414
Earnings per Ordinary Share
Basic earnings per share, €
Diluted earnings per share, €
2.60
2.51
0.83
0.82
Earnings per Ordinary Share 2025 2025 2025
Continued Operations Discontinued Operation Total
Profit attributable to owners of the Parent 4,804 716 5,520
Basic earnings per share, € 2.26 0.34 2.60
Diluted earnings per share, € 2.19 0.33 2.51
Earnings per Ordinary Share 2024 2024 2024
Continued Operations Discontinued Operation Total
Profit attributable to owners of the Parent 3,392 (1,626) 1,766
Basic earnings per share, € 1.60 (0.77) 0.83
Diluted earnings per share, € 1.57 (0.75) 0.82
21. Share-based payment
The vesting conditions of the scheme state that the minimum growth in EPS
shall be CPI plus 5% per annum, compounded annually, over the relevant three
accounting years up to the share award of 100% of the participants
basic salary. Where awards have been granted to a participant in excess of
100% of their basic salary, the performance condition for the element that is
in excess of 100% of basic salary is that the minimum growth in EPS shall be
CPI plus 10% per annum, compounded annually, over the three accounting years.
Reconciliation of outstanding share awards
Number of Awards Number of Awards
in thousands 2025 in thousands 2024
Outstanding on 1 January 780 830
Forfeited during the year (780) (50)
Exercised during the year - -
Granted during the year - -
Outstanding at 31 December - 780
Reconciliation of outstanding share options
Number of Options Number of Options
in thousands 2025 in thousands 2024
Outstanding on 1 January 2,860 -
Forfeited during the year (110) -
Exercised during the year - -
Granted during the year 4,360 2,860
Outstanding at 31 December 7,110 2,860
21. Share-based payment (continued)
LTIP Scheme
Conditional Award at Grant Date
Conditional Option Invitation date April 2024
Year of Potential vesting 2027/2031
Share price at grant date €0.52
Exercise price per share/share options €0.52
Expected Volatility 40.67%
Expected life 7 years
Risk free rate 2.29%
Expected dividend yield 3.32%
Fair value at grant date €0.16
Valuation model Black & Scholes Model
LTIP Scheme
Conditional Award at Grant Date
Conditional Option Invitation date May 2025
Year of Potential vesting 2028/2032
Share price at grant date €0.37
Exercise price per share/share options €0.42
Expected Volatility 41.15%
Expected life 7 years
Risk free rate 2.20%
Expected dividend yield 4.9%
Fair value at grant date €0.09
Valuation model Black & Scholes Model
The expected volatility was based on the standard deviation of the Company's
historical price returns (weekly observations) over a period corresponding to
the expected life of the options.
22. Financial risk management
The Group is exposed to various financial risks arising in the normal course
of business. Its financial risk exposures are predominantly related to changes
in foreign currency exchange rates and interest rates, as well as the
creditworthiness of our counterparties.
The Company's Board of Directors has overall responsibility for the
establishment and oversight of the Group's risk management framework. The
Group's risk management policies are established to identify and analyse the
risks faced by the Group, to set appropriate risk limits and controls and to
monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Group's
activities. The Group, through its training and management standards and
procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.
The Group audit committee oversees how management monitors compliance with the
Group's risk management policies and procedures, and reviews the adequacy of
the risk management framework in relation to the risks faced by the Group.
a) Liquidity and capital
The Group defines liquid resources as the total of its cash, cash equivalents
and short-term deposits. Capital is defined as the Group's shareholders'
equity and borrowings.
22. Financial risk management (continued)
a) Liquidity and capital (continued)
The Group's objectives when managing its liquid resources are:
· To maintain adequate liquid resources to fund its ongoing
operations and safeguard its ability to continue as a going concern, so that
it can continue to create value for investors;
· To have available the necessary financial resources to allow it
to invest in areas that may create value for shareholders; and
· To maintain sufficient financial resources to mitigate against
risks and unforeseen events.
Liquid and capital resources are monitored on the basis of the total amount of
such resources available and the Group's anticipated requirements for the
foreseeable future. The Group's liquid resources and shareholders' equity as
at 31 December 2025 and 31 December 2024 were as follows:
( ) 2025 2024
€'000 €'000
Cash and cash equivalents 11,650 15,027
Loans and borrowings 33,533 37,683
Shareholders' equity 149,090 152,315
The Group frequently assess its liquidity requirements, together with this
requirement and the rate return of long-term Euro deposits, the Group has
decided to keep all cash readily available that is accessible within a month
or less. Cash at bank earns interest at floating rates based on daily bank
deposits. The fair value of cash and cash equivalents equals the carrying
amount.
Cash and cash equivalents are held by major Irish, European, United States,
Canadian and Australian institutions with credit rating of A3 or better. The
Company deposits cash with individual institutions to avoid concentration of
risk with any one counterparty. The Group has also engaged the services of a
depository to ensure the security of the cash assets.
Risk of counterparty default arising on cash and cash equivalents and
derivative financial instruments is controlled by dealing with high-quality
institutions and by policy, limiting the amount of credit exposure to any one
bank or institution.
At year-end, the Group's total cash and cash equivalents were held in the
following jurisdictions:
31 December 31 December
2025 2024
€'000 €'000
Ireland 942 666
Americas 1,538 4,471
Australasia 688 1,098
Europe, Middle East, Africa 8,482 8,792
Total cash, cash equivalents and short-term deposits 11,650 15,027
There are currently no restrictions that would have a material adverse impact
on the Group in relation to the intercompany transfer of cash held by its
foreign subsidiaries. The Group continually evaluates its liquidity
requirements, capital needs and availability of resources in view of, among
other things, alternative uses of capital, the cost of debt and equity capital
and estimated future operating cash flow.
In the normal course of business, the Group may investigate, evaluate, discuss
and engage in future company or product acquisitions, capital expenditures,
investments and other business opportunities. In the event of any future
acquisitions, capital expenditures, investments or other business
opportunities, the Group may consider using available cash or raising
additional capital, including the issuance of additional debt. The maturity of
the contractual undiscounted cash flows (including estimated future interest
payments on debt) of the Group's financial liabilities as at 31 December were
as follows:
22. Financial risk management (continued)
a) Liquidity and capital (continued)
( )
( ) Total Current Value of Total Undiscounted contractual Less than More than
( ) Cash Flows Cash Flows 1 Year 1-3 Years 3-5 Years 5 Years
( ) €'000 €'000 €'000 €'000 €'000 €'000
At 31 December 2024:
Deferred consideration 1,641 1,670 680 495 495 -
Loans and borrowings 29,802 30,357 11,295 13,358 4,950 754
Lease liabilities 7,881 8,039 2,617 2,998 1,825 599
Trade and other payables 9,170 9,170 9,170 - - -
Accrued and other financial liabilities 8,095 8,095 8,095 - - -
Total at 31 December 2024 56,589 57,331 31,857 16,851 7,270 1,353
At 31 December 2025:
Deferred consideration 846 859 423 436 - -
Loans and borrowings 26,072 26,470 12,760 9,124 4,373 213
Lease liabilities 7,461 7,620 2,186 3,331 1,870 233
Trade and other payables 10,826 10,826 10,826 - - -
Accrued and other financial liabilities 9,599 9,599 9,599 - - -
Total at 31 December 2025 54,804 55,374 35,794 12,891 6,243 446
b) Foreign currency risk
The Group is a multinational business operating in a number of countries and
the Euro is the presentation currency. The Group, however, does have revenues,
costs, assets and liabilities denominated in currencies other than Euro.
Transactions in foreign currencies are recorded at the exchange rate
prevailing at the date of the transaction. The resulting monetary assets and
liabilities are translated into the appropriate functional currency at
exchange rates prevailing at the reporting date and the resulting gains and
losses are recognised in the income statement. The Group manages some of its
transaction exposure by matching cash inflows and outflows of the same
currencies. The Group does not engage in hedging transactions and therefore
any movements in the primary transactional currencies will impact
profitability. The Group continues to monitor the appropriateness of this
policy.
Foreign currency denominated financial assets and liabilities which expose the
Group to currency risk are disclosed below. The amounts shown are those
reported to key management translated into Euro at the closing rate:
( ) Short-term exposure Long-term exposure
( ) USD SEK ZAR USD SEK ZAR
( ) €'000 €'000 €'000 €'000 €'000 €'000
At 31 December 2025:
Financial assets 33,691 11,826 8,455 - - -
Financial liabilities (3,347) (2,027) (1,332) (1,735) (523) (1,237)
Total Exposure 30,344 9,799 7,123 (1,735) (523) (1,237)
At 31 December 2024:
Financial assets 28,004 11,370 10,196 - - -
Financial liabilities (3,054) (1,880) (1,119) (2,645) (642) (333)
Total Exposure 24,950 9,490 9,077 (2,645) (642) (333)
The following table illustrates the sensitivity of profit and equity in
relating to the Group's financial assets and financial liabilities and the
USD/EUR exchange rate, SEK/EUR exchange rate and ZAR/EUR exchange rate 'all
other things being equal'.
22. Financial risk management (continued)
b) Foreign currency risk (continued)
It assumes a +/- 6% change of the EUR/USD exchange rate for the year ended as
at 31 December 2025 (2024: 3%).
A +/- 3% change is considered for the EUR/SEK exchange rate (2024: 1%).
It assumes a +/- 1% change of the EUR/ZAR exchange rate for the year ended as
at 31 December 2025 (2024: 2%).
Both of these percentages have been determined based on the average market
volatility in exchange rates in the previous twelve months.
( ) Profit for the year Equity
( ) USD SEK ZAR USD SEK ZAR
( ) €'000 €'000 €'000 €'000 €'000 €'000
31 December 2025 (54) 63 (5) 922 2,834 101
31 December 2024 (34) 19 12 566 243 210
( ) Profit for the year Equity
( ) USD SEK ZAR USD SEK ZAR
( ) €'000 €'000 €'000 €'000 €'000 €'000
31 December 2025 60 20 5 (1,039) 1,443 (103)
31 December 2024 36 (19) (12) (601) (248) (219)
The Group has material subsidiaries with a functional currency other than the
Euro, such as US dollar, Australian dollar, South African rand, and Swedish
krona. Changes in the exchange rate year on year between the reporting
currencies of these operations and the Euro, have an impact on the Group's
consolidated reported result.
The Group's worldwide presence creates currency volatility, as reported in the
Group's results, when compared year on year. During 2025, the currencies that
the Group trades with were volatile due to local economic performances and
geopolitical issues. As a result, all major currencies that we trade in
weakened against the Euro in 2025.
In 2025, 56% (2024: 57%) of Mincon's revenue €149 million (2024: €146
million) was generated in AUD, SEK and USD. The majority of the Group's
manufacturing base has a Euro, US dollar or Swedish Krona cost base. While
management makes every effort to reduce the impact of this currency
volatility, it is impossible to eliminate or significantly reduce given the
fact that the highest grades of our key raw materials are either not available
or not denominated in these markets and currencies. Additionally, the ability
to increase prices for our products in these jurisdictions is limited by the
current market factors.
The Group is also exposed to foreign currency risk on its liquid resources
(cash) as shown in the table below.
2025 2024
Amount in Local currency Euro (€) Local currency amount Euro(€)
equivalent
equivalent
'000
'000
'000 €'000
Currency
US Dollar USD2,700 2,300 USD3,300 3,200
Swedish Krona SEK18,200 1,700 SEK32,600 2,800
Canadian Dollar CAD44 28 CAD2,900 1,900
South African Rand ZAR15,000 775 ZAR18,300 934
22. Financial risk management (continued)
b) Foreign currency risk (continued)
The Euro exchange rates used by the Group in 2025 and 2024 are as follows:
2025 2024
Euro exchange rates Closing Average Closing Average
US Dollar 1.17 1.13 1.10 1.08
Australian Dollar 1.76 1.75 1.62 1.63
South African Rand 19.46 20.18 20.18 19.94
Swedish Krona 10.81 11.06 11.13 11.47
c) Credit risk
Credit risk is the risk that the possibility that the Group's customers may
experience financial difficulty and be unable to meet their obligations. The
Group monitors its collection experience on a monthly basis and ensures that a
stringent policy is adopted to provide for all past due amounts. The majority
of the Group's customers are third party distributors and end users of
drilling tools and equipment.
Credit risk management
The credit risk is managed on a group basis based on the Group's credit risk
management policies and procedures.
The credit risk in respect of cash balances held with banks and deposits with
banks are managed via diversification of bank deposits, and are only with
major reputable financial institutions.
The Group continuously monitors the credit quality of customers. Where
available, external credit ratings and/or reports on customers are obtained
and used. The credit terms range between 30 and 90 days. The credit terms for
customers as negotiated with customers are subject to an internal approval.
The ongoing credit risk is managed through regular review of ageing analysis.
Trade receivables consist of a large number of customers in various industries
and geographical areas.
The Group applies the IFRS 9 simplified model of recognising lifetime expected
credit losses for all trade receivables as these items do not have a
significant financing component.
In measuring the expected credit losses, the trade receivables have been
assessed on a collective basis as they possess shared credit risk
characteristics. They have been grouped based on the days past due and also
according to the geographical location of customers.
Trade receivables are written off (i.e. derecognised) when there is no
reasonable expectation of recovery. Failure to make payments within 180 days
from the invoice date and failure to engage with the Group on alternative
payment arrangement amongst other is considered indicators of no reasonable
expectation of recovery.
The closing balance of the trade receivables loss allowance as at 31 December
2025 reconciles with the trade receivables loss allowance opening balance as
follows:
( ) Trade receivables
( ) €'000
Opening loss allowance as at 1 January 2024 1,513
Loss allowance recognised during the year 172
Loss allowance as at 31 December 2024 1,685
Loss allowance recovery during the year (302)
Loss allowance as at 31 December 2025 1,383
22. Financial risk management (continued)
c) Credit risk (continued)
Expected credit loss assessment
The Group allocates each exposure to a credit risk grade based on data that is
determined to be predictive of the risk of loss and applying experienced
credit judgement. Credit risk grades are defined using quantitative factors
that are indicative of the risk of default and are aligned to past
experiences. Loss rates are based on accrual credit loss experience over the
past five years.(Note 15)
The maximum exposure to credit risk for trade and other receivables at 31
December 2025 and 31 December 2024 by geographic region was as follows:
2025 2024
€'000 €'000
Americas 11,186 8,617
Australasia 1,579 1,957
Europe, Middle East, Africa 12,622 13,906
Total amounts owed 25,387 24,480
d) Interest rate risk
Interest Rate Risk on financial liabilities
Interest rates gradually declined from central banks in regions where we
conduct most of our business, primarily because inflation cooled and
employment data signalled risk. Nevertheless, lenders provided only limited
interest rate relief in 2025. Mincon Group's credit cost fell mainly due to
reduced lending activity, rather than a significant decrease in our effective
lending rate compared to 2024
Interest Rate Risk on cash and cash equivalents
Our exposure to interest rate risk on cash and cash equivalents is actively
monitored and managed, the rate risk on cash and cash equivalents is not
considered material to the Group
e) Fair values
Fair value is the amount at which a financial instrument could be exchanged in
an arms-length transaction between informed and willing parties, other than in
a forced or liquidation sale. The contractual amounts payable less impairment
provision of trade receivables, trade payables and other accrued liabilities
approximate to their fair values.
Financial assets and financial liabilities measured at fair value in the
consolidated statement of financial position are grouped into three levels of
a fair value hierarchy. The three levels are defined based on the
observability of significant inputs to the measurement, as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets
or liabilities
• Level 2: inputs other than quoted prices included within Level 1 that are
observable for the asset
or liability, either directly or indirectly
• Level 3: unobservable inputs for the asset or liability.
Mincon Group plc only apply level 3 for fair value, using the detail displayed
above (Note 3).
Deferred consideration
The movements in respect of the deferred consideration value in the year to 31
December 2025 are as follows:
( ) Level 3
€'000
Balance at 1 January 2025 1,641
Arising on acquisition -
Cash payment (680)
Foreign currency translation adjustment (120)
Unwinding of discount on deferred consideration 5
Balance at 31 December 2025 846
Deferred consideration includes multiple deferred payments for prior
acquisitions over a fixed period of time.
23. Subsidiary undertakings
At 31 December 2025, the Group had the following subsidiary undertakings:
Group Registered Office &
Company & Principal Activity Share %* Country of Incorporation
Mincon International Limited 100% Smithstown, Shannon, Co. Clare, Ireland
Manufacturer of rock drilling equipment
Mincon Rockdrills PTY Ltd 100% 8 Fargo Way, Welshpool, WA 6106, Australia
Manufacturer of rock drilling equipment
1676427 Ontario Inc. (Operating as Mincon Canada) 100% 400B Kirkpatrick Street, North Bay,
Ontario, P1B 8G5, Canada
Manufacturer of rock drilling equipment
Mincon Carbide Ltd 100% Windsor St, Sheffield S4 7WB, United Kingdom
Dormant Company
Note 9
Mincon Inc. 100% 109 Norfolk Ave SW,Suite 3, Roanoke, VA 24011, USA
Sales company
Mincon Sweden AB 100% Industrivagen 2-4, 61202 Finspang, Sweden
Sales company
Mincon Nordic OY 100% Menotie 1, 33470 YLÖJÄRVI, Pirkanmaa Finland.
Sales company
Mincon Holdings Southern Africa (Pty) 100% Cnr. Harriet Ave. & James Bright Ave. Driehoek, Gauteng, RSA
Sales company
Mincon Australia Pty Ltd 100% 2/57 Alexandra Street, North Rockhampton, Queensland, 4701 Australia
Sales company
Mincon West Africa SL 100% Calle Adolfo Alonso Fernández, s/n, Parcela P-16, Zona Franca de Gran
Canaria, Puerto de la Luz, Código Postal 35008, Las Palmas de Gran Canaria,
Spain
Sales company
Mincon Poland 100% ul.Mickiewicza 32, 32-050 Skawina, Poland
Dormant company
Mincon Canada - Western Service Centre (previously Pacific Bit of Canada) 100% 3568-191 Street, Unit 101, Surrey BC, V3Z 0P6, Canada
Sales company
23. Subsidiary undertakings (continued)
Group Registered Office &
Company & Principal Activity Share %* Country of Incorporation
Mincon Rockdrills Ghana Limited 100% C1, Alfesco Estate, Okpoi Gonno, Accra, Ghana. GZ-190-5540
Dormant company
Mincon S.A.C. 100% Calle La Arboleda 151, Dpto 201, La Planicie, La Molina, Peru
Sales company
Ozmine International Pty Limited 100% Gidgegannup, WA 6083, Australia
* Liquidated 2025
Mincon Chile 100% Américo Vespucio 1385, Módulo 31 Quilicura, Santiago, Chile
Sales company
Mincon Namibia Pty Ltd Unit 402, 4(th) Floor, Frans Indongo Gardens, Dr FA Indongo Street, Windhoek,
Naminia
100%
Sales company
Mincon Mining Equipment Inc 100% 808 Nelson Street, Suite 1008, Vancouver, BC V6Z 2H2
Sales company
Mincon Exports USA Inc. 100% 109 Norfolk Ave SW,Suite 3, Roanoke, VA 24011, USA
Group finance company
Mincon International Shannon 100% Smithstown, Shannon, Co. Clare, Ireland
Dormant company
Smithstown Holdings 100% Smithstown, Shannon, Co. Clare, Ireland
Holding company
Mincon Canada Drilling Products Inc. 100% 400 Kirkpatrick St, North Bay, ON P1B 8655
Holding company
MGP Investments Limited 100% Smithstown, Shannon, Co. Clare, Ireland
Holding Company
Lotusglade Limited 100% Smithstown, Shannon, Co. Clare, Ireland
Holding company
Floralglade Company 100% Smithstown, Shannon, Co. Clare, Ireland
Holding company
Spartan Drilling Tools 100% 1882 US HWY 6 & 50 Fruita, CO 81521, USA
Manufacturing facility
23. Subsidiary undertakings (continued)
Group Registered Office &
Company & Principal Activity Share %* Country of Incorporation
Castle Heat Treatment Limited 100% Smithstown, Shannon, Co. Clare, Ireland
Holding company
Mincon Microcare Limited 100% Smithstown, Shannon, Co. Clare, Ireland
Holding company
Driconeq AB 100% Svetsarevägen 4, 686 33, Sunne, Sweden
Holding company
Driconeq Production AB 100% Svetsarevägen 4, 686 33, Sunne, Sweden
Manufacturing facility
Driconeq Fastighet AB 100% Svetsarevägen 4, 686 33, Sunne, Sweden
Property holding company
Mincon South Africa 100% Cnr of Harriet and James Bright Avenue, Driehoek. Germiston 1400, RSA
Manufacturing facility
Driconeq Australia Holdings Pty Ltd 100% Welshpool, WA 6106, Australia
Holding company
Driconeq Australia Pty Ltd 100% Welshpool, WA 6106, Australia
Manufacturing facility
Mincon Drill String AB 100% Svetsarevägen 4, 686 33, Sunne, Sweden
Holding company
EURL Roc Drill 100% 3 Rue Charles Rolland, 29650 Guerlesquin, France
Sales company
Attakroc Inc 100% 6330-300, Zéphirin-Paquet, Quebec, QC G2C 0M2
Sales company
Mincon Quebec 100% 3000-1 Place Ville-Marie, Montreal, Quebec, H3B 4N8
Holding company
Mincon Norway 100% Jeksleveien 55, 2016 Frogner Norway
Sales company *Incorporated in 2025
*All shares held are ordinary shares.
24. Leases
A. Leases as Lessees (IFRS 16)
The Group leases property, plant and equipment across its global operations.
The Group has elected to apply the practical expedient allowed under IFRS 16
for short-term leases by class of underlying asset to which the right of use
relates. A class of underlying asset is a grouping of underlying assets of a
similar nature and use in an entity's operations. The class of underlying
assets this applies to short term leases of office equipment.
Information about leases for which the Group is a lessee is presented below.
i) Right-of-use
assets
31 December 2024
€'000
Balance at 1 January 2024 5,304
Depreciation charge for the year (2,070)
Additions to right of use assets 3,182
Disposal of right of use asset (192)
Foreign exchange difference 223
Balance at 31 December 2024 6,447
31 December 2025
€'000
Balance at 1 January 2025 6,447
Depreciation charge for the year (2,070)
Additions to right of use assets 2,698
Disposal of right of use asset (251)
Foreign exchange difference (203)
Balance at 31 December 2025 6,621
ii) Amounts recognised in income statement.
2025 2024
€'000 €'000
Interest on lease liabilities 381 445
Expenses related to short term leases 9 4
Leases under IFRS 16 390 449
iii) Amounts recognised in statement of cash flows
2025 2024
€'000 €'000
Total cash outflow for leases 2,927 3,058
Total cash outflow of leases 2,927 3,058
24. Leases (continued)
A. Leases as Lessees (IFRS 16) (continued)
iv) Extension options
Some property leases contain extension options exercisable by the Group. The
Group assesses at lease commencement date whether it is reasonably certain to
exercise the extension options. The Group is reasonably certain it will not
incur future lease liabilities beyond what is currently calculated.
The following table sets out a maturity analysis of lease liabilities, showing
the undiscounted lease payments to be paid after the reporting date.
31 December 2025
€'000
Less than one year 1,913
One to two years 3,082
Two to five years 1,814
More than 5 years 216
Total 7,025
31 December 2024
€'000
Less than one year 2,010
One to two years 2,530
Two to five years 1,763
More than 5 years 580
Total 6,883
B. Leases as Lessor (IFRS 16)
i) Financing Lease
The Group subleased a properties that had been recognised as a right of use
asset in Finland and Australia. The Group recognised income interest in the
year in relation to this totalling €NIL (2024: €10,000).
The Group manages the risk to retain the right to the assets as they have a
right to inspect the property, the right to enforce the contractual
arrangement with the lessee and the right to perform maintenance.
ii) Operating leases
The group leases company owned property out to tenants in the USA under
various agreements. The group recognises these leases as operating leases from
a lessor perspective due to the fact they do not transfer substantially all of
the risks and rewards incidental to the ownership of the assets.
Rental income recognised by the Group during 2025 was €55,000 (2024:
€133,000).
24. Leases (continued)
B. Leases as Lessor (IFRS 16)
ii) Operating leases (continued)
The following table sets out a maturity analysis of lease receivable, showing
the undiscounted lease payments to be received after the reporting date.
31 December 2025
€'000
Less than one year 34
One to two years 35
Two to three years 36
Total 105
31 December 2024
€'000
Less than one year 32
One to two years 68
Two to three years 36
Total 136
25. Commitments
The following capital commitments for the purchase of property, plant and
equipment had been authorised by the Directors as at 31 December:
31 December 31 December
2025 2024
€'000 €'000
Contracted for 542 2,017
Not-contracted for - -
Total 542 2,017
26. Litigation
The Group is not involved in legal proceedings that could have a material
adverse effect on its results or financial position.
27. Related parties
As at 31 December 2025, the share capital of Mincon Group plc was 56.32% owned
by Kingbell Company which is ultimately controlled the Purcell family. Joesph
Purcell is also a Director of the Company.
In June 2025, the Group paid a final dividend for 2024 of €0.0105 to all
shareholders. The total dividend paid to Kingbell Company was €1,256,477.
In December 2025, the Group paid an interim dividend for 2025 of €0.0105 to
all shareholders. The total dividend paid to Kingbell Company was €1,256,477
(December 2024: €1,256,477).
The Group has a related party relationship with its subsidiary undertakings
(Note 23) for a list of these undertakings, Directors and officers. All
transactions with subsidiaries eliminate on consolidation and are not
disclosed.
27. Related parties (continued)
Transactions with Directors
The Group is owed €Nil from Directors and shareholders at 31 December 2025
and 2024. The Group has amounts owing to Directors of €Nil as at 31 December
2025 and 2024.
Key management compensation
The profit before tax from continuing operations has been arrived at after
charging the following key management compensation:
2025 2024
€'000 €'000
Short-term employee benefits ( ) 917 1,430
Bonus and other emoluments 203 16
Post-employment contributions ( ) 84 128
Social security costs 79 101
Share-based payment charged in the year 12 26
Total 1,295 1,701
The key management compensation amounts disclosed above represent compensation
to those people having the authority and responsibility for planning,
directing and controlling the activities of the Group, which comprises the
Board of Directors and executive management (nine in total at year end).
Amounts included above are time weighted for the period of the individual's
employment.
28. Events after the reporting date
The Board of Mincon Group plc is recommending the payment of a final dividend
for the year ended 31 December 2025 in the amount of €0.0105 (1.05 cent) per
ordinary share, which will be subject to approval at the Annual General
Meeting of the Company in April 2026. Subject to Shareholder approval at the
Company's annual general meeting, the final dividend will be paid on 12 June
2026 to Shareholders on the register at the close of business on 22 May 2026.
At 31 December 2025, the property, plant and equipment owned by Mincon
Rockdrills Australia PTY was in the process of being sold to a third party.
The sale was completed on 31 January 2026 for a total consideration of AUD$13
million (€7.4 million).
29. Approval of financial statements
The Board of Directors approved the consolidated financial statements on 10
March 2026.
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