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