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
25th 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.
