28th Jun 2019 12:18
(Alliance News) - Wishbone Gold PLC on Friday reported strong annual revenue growth, with the firm optimistic over the current gold market outlook.
Wishbone holds gold exploration assets in Queensland, Australia, as well as a metals and gems trading business in the UAE which sources gold from South America.
Wishbone sources gold from Colombia, Honduras, Chile, and Peru, and during the year experienced problems in Honduras with the company now trying to exit its joint venture and seek compensation.
Revenue for 2018 grew over 30% year-on-year, Wishbone said, to USD10.9 million. The pretax loss was USD1.9 million, from USD913,017 the year prior, due mainly to issues with the Honduras joint venture.
Wishbone has also begun trading operations, in May this year, in Hong Kong and is also targeting Africa.
"During the year, gold drifted to a low of USD1,173 an ounce in mid-August before rebounding to its current level of around USD1,410. Throughout the year, the continued build of gold holdings by China, Russia and India continued," said Chair & Chief Executive Richard Poulden.
"I believe the ongoing acquisition of gold will continue in these countries and with continued political uncertainty should extend the recent price recovery."
Wishbone shares were 6.4% lower on Friday shortly after midday in London at 0.035 pence each.
Related Shares:
Wishbone