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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 €20 million, down 27% from €27.5 million a year prior. Current stock price: 72.00 pence, untraded 12-month change: down 26% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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