Sylvania Platinum profit jumps; CEO Terry McConnachie to stand down

Mon, 17th Feb 2020

Platinum group metals producer Sylvania Platinum posted a rise in first-half on the back of higher production volumes, and announced the departure of its chief executive. Net profit for the six months through December rose to $23.9m, up from $7.0m on-year. Revenue rose 84% to $59.0m. The company declared an interim dividend of $0.01 (0.78p) per share. Chief executive Terry McConnachie said he had decided to step down having spent 14 years at the company. He would be replaced by Jaco Prinsloo. Lewanne Carminati had meanwhile been appointed as chief financial officer. McConnachie said growth in profit had come despite challenges due to disruptions relating to a holiday period shut down, as well as power and water supply constraints. 'It is evident that the corrective action and implementation of various improvement measures to address challenges experienced during the previous financial year are now showing results,' he said. 'Whilst the results for the first half are excellent, the board is mindful of the potential challenges ahead and have therefore decided not to increase guidance until further clarity is obtained.' At 8:24am: (LON:SLP) Sylvania Platinum Ltd share price was +1.1p at 50.1p Story provided by StockMarketWire.com

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