9th Oct 2023 10:12
Mincon Group PLC - Shannon, Ireland-based rock drilling tool manufacturer - Says group revenues "contracted further" in the past quarter to September 30. For the first nine months of the year, says revenue is 7% lower than in the same period in 2022. Cites decline in its sales in the mining industry, noting a "particular weakness" in Africa. Adds two large scale construction projects that were due to start in the beginning of the final quarter will no longer go ahead. Sees single-digit growth in the water well and geothermal industry. Says it has made "progress" in inventory reduction programme. Looking ahead, it expects to deliver full-year earnings before interest, tax, depreciation and amortisation of approximately EUR20 million, down 27% from EUR27.5 million a year prior.
Current stock price: 72.00 pence, untraded
12-month change: down 26%
By Sabrina Penty, Alliance News reporter
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