REG - Mincon Group Plc - Interim Trading Update

MinconAnnouncement

25/10/2024 07:00

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RNS Number : 5012J  Mincon Group Plc  25 October 2024

Mincon Group PLC

("Mincon" or the "Group")

 

Q3 2024 TRADING UPDATE

 

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 2024 to date, incorporating the nine months to
30th September 2024.

 

Q3 showing positive signs of recovery in construction revenues and good
progress on processes to drive efficiency across the business

The recovery in revenues and order books that we saw at the end of H1
continued into Q3 2024, which in particular reflected growth in our North
American construction revenue. Improvement in the EMEA construction and
waterwell market has been slower to materialise although we were pleased to
have been awarded our first two large construction contracts in the APAC
region. With mining revenue steady overall, we remain confident of earnings
and revenue growth in H2 2024 compared to H1 2024.

 

We have continued to make good progress in delivering initiatives to enhance
our cost of production, thereby increasing our margins and our
competitiveness. We are in the final stages of closing our carbide plant in
Sheffield and have agreed outsourced arrangements to supply our bit plants on
improved cost terms.

 

We have also made further progress on reducing our inventory holding in the
past quarter.

 

Positive signals in product development

We continued to make important progress in our key product development
projects and remain confident in the potential they can deliver in the short
and medium term.

 

 

Ends

25(th) October 2024

 

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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