REG - Mincon Group Plc - Interim Trading Update

MinconAnnouncement

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RNS Number : 8989G  Mincon Group Plc  01 May 2025

Mincon Group PLC

("Mincon" or the "Group")

 

Q1 2025 TRADING UPDATE

 

Dublin, London 1 May 2025: 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 a trading update for the period from 1st January 2025 to date,
incorporating the first quarter to 31st March 2025 ("Q1 2025").

 

Markets in Q1 2025

Our overall revenue for Q1 2025 increased by 3% compared to Q1 2024. Several
of our regional markets sustained the recovery from the second half of 2024
into the first quarter of 2025, whilst orders in our largest market, North
America, were lower than we expected due to increased macroeconomic
uncertainty in that region and an extremely cold winter. We are pursuing
several construction opportunities across the American region and we
anticipate that a significant number of these projects will be secured during
Q2 and throughout the remainder of the year.

 

The operational efficiencies implemented in 2024 have contributed to an
improved margin in Q1 2025 compared to Q1 2024. We anticipate further
realisation of manufacturing margin improvements in Q2 2025 and beyond,
particularly through higher volumes during the busier drilling season.

 

Product development

Our partners in the offshore wind industry, Subsea Micropiles, reached a
significant milestone in mid-April with the installation of the first offshore
anchor on the seabed in Northern Scotland. This achievement will substantially
contribute to validating the system within the offshore wind industry.

 

In relation to our Greenhammer product, we are currently in the advanced
stages of negotiation, in collaboration with our rig partners, for a one-year,
price per foot contract, with a major copper miner in Arizona, USA. This
contract is expected to commence in Q3 2025.

 

Outlook

Notwithstanding the current uncertainty in international financial and
business markets, our order books are strong and growing. We have secured some
significant new contracts, and the new product development business, discussed
above, gives us further cause for optimism about the future prospects for the
Company. We will continue to focus on margins, earnings per share and return
on capital employed throughout the year ahead.

 

 
Ends

1(st) May 2025

 

For further information please contact:

 

Mincon Group plc

Joe Purcell - Chief Executive Officer
                     Tel: +353 (61) 361099

Mark McNamara - Chief Financial Officer

Tom Purcell - Chief Operations 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

 

Forward looking statements:

Any forward-looking statements made in this document represent the Board's
best judgment as to what may occur in the future. However, the Group's actual
results for the current and future financial periods and corporate
developments will depend on a number of economic, competitive and other
factors, some of which will be outside the control of the Group. Such factors
could cause the Group's actual results for future periods to differ materially
from those expressed in any forward-looking statements included in this
announcement.

 

About Mincon:

Mincon specialises in the design, manufacture, sale and servicing of rock
drilling tools and associated products. The Group's strategy is to increase
its share of the global rock-drilling consumables market through organic
growth and acquisitions. Its manufacturing facilities are located in Ireland,
the UK, Finland, the USA, South Africa, Canada, Sweden and Australia. The
Group also maintains a network of sales and distribution companies in a number
of international markets to provide after sales support and service to
customers.

 

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