Mincon Group PLC on Monday reported a drop in its full-year profit and revenue but noted an improvement in its order book going into 2024.

The Shannon, Ireland-based rock drilling tool manufacturer said revenue fell 7.7% to €156.9 million in 2023 from €170.0 million the year before. This was mainly the result of disruptions within the mining industry, Mincon explained.

This resulted in a 52% reduction in pretax profit to €8.9 million from €18.7 million in 2022.

Mincon maintained its final dividend at 1.05 cents per share, which meant its full-year dividend was unmoved at 2.1 cents.

Looking ahead, Mincon said it is ‘focused on taking the appropriate strategic decisions in 2024 to meet the current market challenges and to position the business to best capitalise on the long-term opportunities we see in our end-markets.’ It added that a ‘subdued market environment’ has continued into the first half of 2024, but has begun to see some improvement in its order book.

Shares in Mincon fell 1.9% to 53.00 pence each in London on Monday afternoon.

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