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(Alliance News) - Mincon Group PLC on Tuesday said 2023 earnings will be higher than originally expected, but lower than a year ago.
Shares in Mincon rose 8.7% to 58.68 pence each in London on Tuesday morning.
The Shannon, Ireland-based rock drilling tool manufacturer said its fourth quarter performance was in line with expectations and expects to deliver full-year earnings before interest, tax, depreciation and amortisation "slightly ahead" of the previously stated guidance of EUR20 million.
This would be a 27% decrease from EUR27.5 million in 2022.
"We made successful inroads in reducing our working capital position during 2023, particularly through our inventory reduction programme, and we expect to see continued improvement in this initiative into 2024. This, together with a reduced requirement for new capital equipment in our factories following the significant investments made by the group in recent years, is expected to have a continued positive knock-on effect on our net debt position during 2024," the firm said.
Looking aheadm Mincon said it is well positioned for growth over the medium-term.
The firm will publish its final results for 2023 on March 11.
By Sabrina Penty, Alliance News reporter
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