15th Jul 2025 18:27
(Alliance News) - Tirupati Graphite PLC on Tuesday reported a swing to profit in its delayed results for financial 2024, and said its shares are likely to remain suspended due to an ongoing accounting issue.
The London-based flake graphite producer, with projects in Madagascar and Mozambique, said it swung to pretax profit of GBP63,958 in the year that ended March 31, 2024, from a loss of GBP2.4 million in financial 2023.
Revenue grew 69% to GBP4.9 million from GBP2.9 million, while administrative expenses were up 71% to GBP4.1 million from GBP2.4 million.
The firm recorded a one-off GBP6.1 million gain on bargain purchase during the year, as well as GBP204,525 in finance income interest. This was slightly offset by a GBP798,871 impairment charge.
Total production in financial 2024 was 7,096 metric tonnes of flake graphite, up 49% from a year prior. Average selling price per metric tonne sank 9.1% to GBP660 from GBP726.
"We are pleased to publish the delayed 2024 annual report and accounts. While the annual report covers a very difficult period for the company and all its stakeholders, and the company was at that time on a path to failing, the turnaround initiatives in 2025 have now placed it on a much firmer basis to realise the underlying potential of its assets," said Executive Chair Mark Rollins.
"This is a key step in returning to compliance with our listing obligations."
Trading in Tirupati shares was suspended in August 2024 in London after failing to reach the filing deadline for its full-year results.
At the time, the group's projects had been shut due to lack of funding and poor results, leaving the firm in "severe financial distress".
Production was re-started at its Vatomina project in Madagascar in February 2025, reaching a record level in April, following a change in leadership of the company. Tirupati said the project is on track to exceed breakeven levels and reach its target of 1,000 metric tonnes a month by the end of July.
The company's shares will likely remain suspended until the completion of its financial 2025 accounts, which have been delayed.
"The former [chief executive officer] had previously provided the company's accounting systems and financial reporting on an outsourced basis from a private company in India controlled by him and his daughter (also a former director of the company)," Tirupati explained.
"That entity has denied the company access to its IT systems and its underlying accounting records (even though owned by and held on systems licensed to Tirupati Graphite PLC) following the board changes in January 2025.
"This has required the company to implement new systems and reconstruct its accounting records, now substantially completed, but which led to the further delay, as in the last month has the unavailability of the reviewing audit partner for unforeseen reasons."
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Tirupati Graphite