REG - Mincon Group Plc - Full Year Trading Update and Notice of Results

MinconAnnouncement

06/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240206:nRSF0825Ca&default-theme=true

RNS Number : 0825C  Mincon Group Plc  06 February 2024

Mincon Group plc

("Mincon" or the "Group")

 

Full Year Trading Update and Notice of 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 consumable products, today provides the following trading
update ahead of the publication of the Group's results for the financial year
ended 31 December 2023.

Whilst market conditions continue to be challenging, as the mining and
construction markets experience weaker demand, the Group's performance in Q4
was in line with expectations and we expect to achieve full-year EBITDA
slightly ahead of the prior guidance of €20 million.

We made successful inroads in reducing our working capital position during
2023, particularly through our inventory reduction programme, and we expect to
see continued improvement in this initiative into 2024. This, together with a
reduced requirement for new capital equipment in our factories following the
significant investments made by the Group in recent years, is expected to have
a continued positive knock-on effect on our net debt position during 2024.

As a result of the proactive steps taken during 2023 to improve the Group's
competitive position, including the ongoing investment in our product
development initiatives and the actions taken on costs and inventory
management, we believe Mincon is well positioned for growth over the
medium-term.

The Group expects to publish its final results for the year ended 31 December
2023 on Monday, 11 March 2024.

 

ENDS

6 February 2024

 

For further information please contact

Mincon Group plc

Joe Purcell - Chief Executive
Officer
Tel: +353 (61) 361 099

Mark McNamara - Chief Financial Officer

 

Davy Corporate Finance (Nominated Adviser, Euronext Growth Listing Sponsor and
Joint Broker)

Anthony
Farrell
Tel: +353 (1) 679 6363

Daragh O' Reilly

 

Shore Capital (Joint Broker)

Malachy
McEntyre
Tel: +44 (0) 20 7408 4090

Mark Percy

Daniel Bush

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTQKPBBOBKDQBK