20th Dec 2024 18:26
(Alliance News) - Goldplat PLC on Friday reported a substantial increase in full-year profit as the firm's performance was boosted by gold prices.
The gold miner and producer with recovery operations in Ghana and South Africa said its pretax profit in the year to June 30 increased by 75% to GBP6.0 million from GBP3.4 million the prior year.
These improved on-year figures were driven by a matched improvement in revenue, which rose 74% to GBP72.6 million from GBP41.8 million over the same period due to increased gold sales coupled with an increase in the average price of gold throughout the year.
It added that a reduction in electricity supply cuts in South Africa served to positively impact profit figures.
Goldplat said its improved sales were the result of an increase in "high-grade low-margin batches processed in Ghana", with the average gold price throughout the period rising to USD2,076 per ounce from USD1,829 per ounce in 2023.
Its shares closed up 3.6% at 7.46 pence on Friday afternoon in London.
The firm said it's short term outlook, for 2025 to 2026, includes reducing the cost of production, specifically in its CIL circuits in South Africa. On a more long term basis, from 2030 and beyond, the firm is seeking to diversify into other commodities.
Goldplat Chief Executive Werner Klingenberg said: "I am pleased with the excellent trading results achieved by the group this year. These results come despite a number of significant operational challenges in the period.
"The board and I are greatly encouraged by the results for the year, and the manner in which the group has performed, despite these operational challenges.
"Looking to the current financial year, I believe Goldplat has a good pathway to follow up with further positive operational performances, and we look forward to reporting on our progress throughout 2025."
By Christopher Ward, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved