MINCON GROUP PLC The Driller's Choice
INTERIM RESULTS
H1 2023
SUMMARY H1 2023
H1 revenue growth impacted by contraction in mining revenue compounded by currency headwinds. Gross margin maintained at 31.8%
Construction revenue flat on the back of strong prior year growth. Sales mix included more smaller project wins, less working capital intensive
Revenue increase of 10% in the Waterwell/Geothermal industry, with sector growth in central Europe
Operating cost reduction of 1.5% of revenue, implemented towards the end of H1, this will result in an improved operating margin in H2
Good progress on working capital in H1 2023, with a significant reduction expected in H2 2023
H1 2023 | H1 2022 | Change | ||
€'000 | €'000 | €'000 | % | |
Mincon product | 67,190 | 70,906 | (3,716) | (5%) |
Non-Mincon product | ||||
13,395 | 14,262 | (867) | (6%) | |
Revenue | ||||
80,585 | 85,168 | (4,583) | (5%) | |
Gross margin | ||||
25,645 | 27,062 | (1,417) | (5%) | |
Gross margin % | ||||
31.8% | 31.8% | |||
Operating profit | ||||
7,782 | 8,824 | (1,042) | (12%) | |
Operating profit % | ||||
9.7% | 10.4% | |||
Profit after tax | 4,899 | 6,530 | (1,631) | (25%) |
Profit after tax | 6.1% | 7.7% | ||
Mincon - The Driller's Choice 2
BUSINESS REVIEW
H1 2023
INDUSTRY SALES ANALYSIS
REVENUE BY SEGMENT
39%
Construction
H1
43% 2023
Mining
18%
Waterwell /
Geothermal
48%
Mining
37%
Construction
H1
2022
15%
Waterwell /
Geothermal
Mincon - The Driller's Choice 4
INDUSTRY SALES ANALYSIS
OUR OVERALL MARKET SHARE HAS INCREASED MARGINALLY IN THE PERIOD
WATERWELL / GEOTHERMAL | MINING | CONSTRUCTION |
- Gains in waterwell / geothermal industry in Europe / Middle East and the America's regions.
- Mining industry overall contracted.
- Revenue impacted by FX headwinds and customer destocking.
- Our market share remains unchanged.
- Construction revenue the same as prior year despite FX headwinds.
- Market share gained in smaller construction projects.
- No revenue from large projects, though there remains a healthy pipeline.
Mincon - The Driller's Choice 5
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Disclaimer
Mincon Group plc published this content on 04 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 07:34:04 UTC.
