In an interim trading update, Mincon Group Plc (MCON.L,MIO.IR) said on Thursday that its first-quarter revenue in 2025 grew 3 percent from the same period last year, helped by several regional markets making their recovery from the latter half of 2024.
The company said that the operational efficiencies that were put in place in 2024 have resulted in better margins in the first quarter of this year. Mincon expects more gains during the second quarter, backed by higher volumes during the peak drilling season.
The performance in the North American markets fell short of expectations due to macroeconomic uncertainty and a severe winter, Mincon said in a statement.
The company is in negotiations, along with its rig partners, for a one-year price-per-foot contract with a major copper miner in Arizona. The Greenhammer contract is expected to begin in the third quarter of this year.
Looking ahead, Mincon Group said that in spite of uncertainty in the global markets, its order book is strong and steady. "Recent contract wins and progress in product development support a positive outlook. We remain focused on improving margins, earnings per share, and return on capital employed throughout the year," the company added.
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