Mincon Group Plc Interim Trading Update (0030Y)
10 May 2021 - 4:00PM
UK Regulatory
TIDMMCON
RNS Number : 0030Y
Mincon Group Plc
10 May 2021
MINCON GROUP PLC
("Mincon" or the "Group")
INTERIM TRADING UPDATE
Mincon Group plc (ESM:MIO AIM:MCON), the Irish engineering group
specialising in the design, manufacture, sale and servicing of rock
drilling tools and associated products, today provides an interim
trading update.
Trading
We are experiencing good order levels in most markets with a
positive momentum building across the business and revenue is ahead
of last year for the first four months. Sea freight lead times
remain challenging due to the pandemic and we are using air freight
where necessary to overcome these freight challenges. We curtailed
other overheads to compensate for any increased freight costs.
Covid-19 had an impact on some of our key manufacturing
facilities in the early part of the year. In particular the
beginning of 2021 was challenging for production in our key hammer
facility in Shannon, as we endeavoured to ensure we remained
Covid-free. This situation gradually improved and by the end of
March our production levels had recovered and pushed ahead of the
2020 run rate.
Future investment
We continue to advance the business of the Group through
investing in new product development and manufacturing methods. In
January we ordered equipment for new manufacturing techniques to
drive efficiency and to reduce manufacturing costs and carbon
emissions. In April 2021, the Group was successful in its grant
application, as lead member in a consortium, to the Disruptive
Technology Innovation Fund promoted by the Irish Government to
develop a new robotic seabed drilling system along with the
installation and testing of marine anchors using micropile
technology. These micropiled anchor foundations will be used for a
wide range of applications including offshore wind turbines.
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.
Ends
10(th) May 2021
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 and Euronext Growth
Advisor)
Anthony Farrell Tel: +353 (1) 679 6363
Daragh O' Reilly
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END
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