18th Mar 2022 11:55
(Alliance News) - Goldplat PLC on Friday reported a significant increase in interim revenue and profit due to strong growth in its two gold recovery operations.
For the six months to December 31, the gold producer posted a pretax profit of GBP3.0 million, up 43% from the GBP2.1 million posted a year before.
This was on revenue growth of 69% to GBP21.3 million in the period from GBP12.6 million a year ago.
Goldplat attributed the results to strong revenue growth in its two gold recovery operations, especially in Ghana.
Revenue for Gold Recovery Ghana doubled to GBP10.7 million from GBP4.4 million. The company credited this to an increase in the volume of material processed, coupled with higher gold prices.
For its recovery operations in South Africa, revenue grew 29% GBP10.6 million from GBP8.2 million, due to improved production.
Goldplat said that its expectations for the remainder of financial 2022 remain unchanged.
It noted that the negative impact of the Russian invasion of Ukraine is presenting a significant challenge to the global supply chain industry.
"Whilst Goldplat has no activities directly connected with Russia or Ukraine, the long-term effect of the conflict on the group is uncertain," Chair Matthew Robinson said.
Looking ahead, the company intends to focus on its strategy to increase the long-term visibility of its earnings in its recovery businesses through key initiatives.
Shares were up 0.7% at 7.20 pence each on Friday morning in London.
By Abby Amoakuh; [email protected]
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