An Irish manufacturer and distributor of consumable rock drilling products has picked the Alternative Investment Market as its source for growth.
Following revenue growth of 53 per cent during the last year, Mincon Group has outlined plans to join London’s junior market.
The business, which is headquartered in Shannon, West Ireland, intends to raise €50 million (£42 million) when it joins so that it can fund acquisition opportunities.
In its current guise the business has manufacturing facilities in three continents and seven regional sales and distribution offices.
More on recent AIM admissions:
- Venture capital-backed Applied Graphene Materials picks AIM
- Natural resources company joins junior market
- Reverse takeover for AIM-listed Trakm8
Kevin Barry, CEO of Mincon, comments, ‘We have achieved impressive growth in Mincon internationally in recent years with our offering of high-quality rock drilling tools and tailored after-sales service support.’
Admission to AIM and the ESM market of the Irish Stock Exchange, Barry adds, will allow the business to reach the next level.
‘It will provide us with the platform to continue to grow our business by organic means and also give us the financial firepower to support our acquisition plans.’
For the year to date 31 December 2012, Mincon reported revenues of €63.1 million (up by 53 per cent) and profit before tax of €13.2 million (up by 17 per cent).
Acquisitions, the business believe, will extend its existing product range, to ‘defend its margins’ and to access new customers and markets.