13th Mar 2026 14:33
(Alliance News) - Tirupati Graphite PLC on Friday reported pretax losses and lower revenue for its previous financial year, and for the first six months.
The London-based flake graphite producer, which has projects in Madagascar and Mozambique, published its delayed results for the half-year ended September 30, 2024, alongside its annual report for the 12 months ended March 31 last year.
Tirupati swung to a pretax loss of GBP1.9 million for the first half, against a GBP4.2 million profit the year before. Revenue fell 71% to GBP904,000 from GBP3.1 million.
Production totalled 838 metric tonnes of flake graphite from its Vatomina project in Madagascar, where "operational and funding problems" caused "intermittent production". The company added that its Sahamamy project "remained in care and maintenance for the time being."
Tirupati also noted that it "experienced difficult liquidity challenges and accumulated significant arrears of creditors" during the period.
It elaborated that its operations "were unable to generate positive cash flow due to low margins from inefficient working of the plant at low volume and with poor quality ore being mined, and...the group could not pay all suppliers and staff on time."
"While noting the Company delivered a poor performance in the six-month period to 30 September 2024 we are pleased to continue to bring our financial reporting to shareholders up to date...This is another step in returning to full compliance with our listing obligations," Executive Chair Mark Rollins said.
For the year ended March 31, 2025, Tirupati reported total production of 2,169 metric tonnes, "largely" from Vatomina, down 69% from 7,096 MT for the prior year.
The firm noted that Vatomina's intermittent production continued since the year's end, "due to a combination of weather impacts, ore quality issues, equipment failures and a number of required upgrades and improvements being identified."
Revenue fell 68% to GBP1.6 million from GBP4.9 million. Tirupati flipped to a GBP5.8 million pretax loss, from a GBP63,000 profit.
Tirupati said it has been "overcoming [its] challenges through a comprehensive programme of improvements," which ranged from increasing its mining fleet and upgrading the graphite processing and recovery units, to completing a GBP4.5 million re-financing through a convertible loan note.
"We are pleased to publish the delayed 2025 annual report and accounts," Rollins commented. "While the annual report covers a very difficult period for the company and all its stakeholders, the turnaround initiatives in 2025 have now placed it on a much firmer basis to realise the underlying potential of its assets.
"This is a key step in returning to compliance with our listing obligations, the final step of which will be the filing of the September 2025 interim report, expected very shortly."
Shares in Tirupati have been suspended in London since August 1.
By Emma Curzon, Alliance News reporter
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