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Mincon Group PLC - Shannon, Ireland-based rock drilling tool manufacturer - Says the "very strong" revenue growth reported in its half-year results has continued in the past quarter to September 30. For the first nine months of the year, revenue is 25% ahead of 2021. Cites currency tailwinds, price increases and some contribution from acquisitions for the growth. Notes that the construction industry has experienced the highest level of growth. During the quarter, Mincon says it has made "significant" progress in reducing its order backlog. This, Mincon explains, will help reduce air freight from its factories to its customer centres in the final quarter. Firm is also "positive" about achieving an improved margin percentage in the second half of the year.
Chief Executive Joe Purcell comments: "I'm pleased to report that Mincon has managed to negotiate a challenging market environment and achieve further growth in the third quarter. In addition, the first commercial drilling with our Greenhammer system with a customer in Australia marks another significant milestone, and I look forward to the system demonstrating its superior capabilities in the months ahead."
Current stock price: 97.00 pence, closed up 3.2% on Tuesday in London
12-month change: down 16%
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