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Interim results for the 6-months ended 31 Dec 2024

24th Mar 2025 07:00

RNS Number : 7584B
Goldplat plc
24 March 2025
 

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration

24 March 2025

Goldplat plc

('Goldplat' or the 'Company')

Interim results for the six-month period ended 31 December 2024

Goldplat Plc, (AIM:GDP) the AIM listed Mining Services Group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, is pleased to announce its unaudited interim results for the six months ended 31 December 2024 ('H1 2024').

Goldplat continued to achieve profitable results for H1 2024. Highlights include:

· Strong operating profit for H1 2024 of £2,635,000 (H1 2023: £2,967,000);

· Revenue decreased by 20.9% to £29,596,000 (H1 2023: £37,402,000), with the Ghanaian recovery operations recording a decrease in revenue of 30.3% due to the recent business model change where they are required to beneficiate all concentrates into doré gold bars in country as well as the impact of the Precious Metals Marketing Company ("PMMC") disruption in December;

· Net profit from continued operations attributable to owners of the company grew 20.2% to £1,407,000 (H1 2023: £1,171,000);

· Fully diluted earnings per share for the six-month period increased by 18.6% to 0.83 pence per share (H1 2023: 0.70 pence per share);

· The group net cash balance remained strong at £2,769,000 (30 June 2024: £3,886,000); and

· During the period the Company spent £861,480 (H1 2023: £793,084) on capital expenditure, mainly on increasing plant capacity and to enable the recovery of gold from concentrate on site in Ghana.

Werner Klingenberg, CEO of Goldplat commented: "I am pleased with the continued strong operating results achieved by the group, considering the team implemented several new processes and procedures in a short period of time to focus the business on local beneficiation in Ghana and on streamlining the operations in South Africa due to lower visibility of supply of material."

For further information visit www.goldplat.com, follow on X @GoldPlatPlc or contact:

Werner Klingenberg

Goldplat plc

(CEO)

Tel: +27 (0) 82 051 1071

Colin Aaronson / Samantha Harrison / Ciara Donnelly

 

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

James Bavister / Andrew de Andrade

 

Zeus (Broker)

Tel: +44 (0) 203 829 5000

Tim Thompson / Mark Edwards / Fergus Mellon

Flagstaff Strategic and Investor Communications

Tel: +44 (0) 207 129 1474

[email protected]

 

Chairman's Statement

Goldplat plc's precious metals processing facilities combined continued to achieve credible trading results for the half year ended 31 December 2024.

Looking at the trading results of Goldplat plc ("the Company" or "Goldplat") and its subsidiaries, together referred to as "the Group", operating profit for the half year was £2,635,000 (H1 2023: £2,967,000). The decrease was driven by a decrease in revenue of 20.87% to £29,596,000 (H1 2023: £37,402,000) as a result of a reduction in gold production, specifically in Ghana due to the recent business model change where they are required to beneficiate all concentrates into doré gold bars in country as well as the impact of the PMMC disruption in December and a reduction in supply in South Africa, specifically by products, slightly offset by an increase in gold price.

The decrease in revenue together with the Ghanaian operation going through a business model change resulting in concentrates no longer being exported and prefinanced, resulted in a significant decrease in interest paid which amounted to £339,000 (H1 2023: £827,000) on the pre-financing of material sent to smelters.

The foreign exchange loss of £476,000, an increase of £20,000 from H1 2023, was mainly due to the Ghana Cedi weakening by 5% against the United States Dollar between July and December 2024.

Net interest paid of £332,000 includes £7,600 (H1 2023: £69,300) interest paid to Nedbank on the repayment of loan incurred to repurchase minority shares in South Africa. As at the end of December 2024, the loan had been repaid in full.

Profit after tax increased to £1,478,000 (H1 2023: £1,169,000) and an all-in, fully diluted EPS for the half year of 0.83 pence (H1 2023: 0.70 pence).

To ensure the repayment of intercompany debt owed by the Group to GPL, a total dividend of £660,000 has been declared by GPL during the period of which £188,000 has been repaid to GPL.

Working capital

GoldplatRecovery

GoldRecovery Ghana

GoldplatGroup

31 Dec 24

30 Jun '24

31 Dec '24

30 Jun '24

31 Dec '24

30 Jun '24

GBP'000

GBP'000

GBP'000

GBP'000

GBP'000

GBP'000

Inventory

2,940

3,789

11,379

8,184

15,056

12,084

Trade and other receivables

6,462

8,197

742

13,193

7,391

21,704

Trade and other payables

4,773

5,236

7,620

19,757

13,726

25,944

Cash and cash equivalents

1,023

(101)

1,641

3,886

2,769

3,886

Cash and cash equivalents at the end of the period decreased to £2,769,000 (30 June 2024: £3,886,000). During the period, mainly as a result of the business model change for Ghana as well as the impact of the PMMC disruption, inventory increased to £15,056,000 (30 June 2024: £12,084,000) of which £3,195,000 of the increase relates to Ghana.

Trade and other receivables as well as trade and other payables both decreased from 30 June 2024. This was mainly due to the finalisation of material at the smelters and Ghana no longer exporting concentrates to the smelters in Europe and rather producing doré gold bars in country which are processed and sold within 2 weeks, which is lower than the turnaround of circa 4 months in the past. Suppliers of material are therefore also being settled quicker than in the past.

Goldplat Recovery (Pty) Ltd

Although there was a reduction in gold production in South Africa due to a decrease in supply, specifically of by-products, revenue increased by 8.57% to £10,367,000 (H1 2023: £9,549,000) as a result of an increase in the gold price. The operating profit for the period increased to £883,000 (H1 2023: £300,000).

We continue to see a reduction in by-products received from current mining operations. The focus therefore remains to increase our by-product market share in South Africa and to gain access to neighbouring countries. The visibility of supply of low-grade soils for our milling circuits remains strong, with more than 12 months of material for processing on site and more under contract.

We are focussing on the work required to commence the processing of our old tailings facility which has a JORC (2012) Resource of 81,959 ounces, at a DRD Gold process facility.

The processing of the old TSF remains dependent on the approval of the water use license by local authorities and approval from third parties in certain areas for the installation of a pipeline to the DRD Gold processing facility. We also still need to agree commercials terms with DRD Gold based on test work and analysis which is ongoing. There have been several engagements with all parties involved and good progress has been made, with the aim of getting all approvals completed by December 2025. Phase 1 of the water use license has been submitted for approval.

Gold Recovery Ghana

Ghana experienced a difficult half year as the operation transitioned into the only local gold by‑product beneficiation provider in Ghana. We have invested circa £900,000 so far this financial year to increase capacity in the short-term, after approval from the authorities was obtained for the expansion. We expect to spend a further £250,000 over the next 6 months. This investment is required to increase plant capacity and to increase the recovery of gold from concentrate on site.

As a result of the delay in the export of doré bars in December and recent business model change, half year revenue decreased to £18,614,000 (H1 2023: £26,711,000) and net operating profit decreased by 27.4% to £2,153,000 (H1 2023: £2,966,000).

There has been an increase in inventory value on site which has been driven by a good supply of material from our current customer base and healthy stock levels before the transition started. Through investment in plant capacity and changes at our operations, we believe these levels should normalise over the next quarter.

Based on the increase in the number of clients in South America, it has become more important to expand into South America and we will continue to do so on a measured basis. We made an initial investment of £72,000 for land in Brazil and plan to make a further investment of £200,000 in the next 6 - 12 months to install a spiral plant and other basic equipment to assist in cleaning and upgrading the material we source in South America.

Outlook

Our focus during the year has been, and will continue to be:

• to open up and expand our market share in West Africa and into the rest of Africa;

to develop land acquired in Brazil, and expand our service delivery, specifically on lower grade material in Brazil and elsewhere in South America;

• expand local beneficiation in Ghana;

• increase our market share in South Africa and increase our client base in neighbouring countries;

• to reduce the cost of production, specifically on our CIL circuits in South Africa;

• to agree commercial terms on the reprocessing of the TSF with DRDGOLD and finalise the regulatory requirements to allow us to pump material through a pipeline to the DRDGOLD facility; and

• leveraging our strength and capabilities through the processing of other precious metals and commodities.

The Company will remain focused on sharing future cashflows with shareholders, specifically distributing surplus cash to shareholders where not required for growth in line with key initiatives or managing specific risks.

Gerard Kisbey Green

Chairman

24 March 2025

 

Statements of Financial Position

Figures in £'000

Notes

Unaudited Group

31 December 2024

AuditedGroup

30 June

2024

Unaudited Group

31 December 2023

Assets

Non-current assets

Property, plant and equipment

4

6,073

5,481

5,944

Right-of-use assets

853

1,004

324

Intangible assets

5

4,664

4,664

4,664

Investments in subsidiaries, joint ventures and associates

6

1

1

1

Unlisted Investments

1

1

80

Receivable on Kilimapesa sale

7

608

610

571

Other loans and receivables

8

148

159

149

Total non-current assets

12,348

11,920

11,733

Current assets

Inventories

9

15,056

12,084

13,464

Trade and other receivables

10

7,391

21,704

21,449

Receivable on Kilimapesa sale

7

106

104

30

Other loans and receivables

8

21

21

19

Cash and cash equivalents

11

2,772

4,108

1,762

Total current assets

25,346

38,021

36,724

Total assets

37,694

49,941

48,457

Equity and liabilities

Equity

Share capital

12

1,678

1,678

1,678

Share premium

12

11,562

11,562

11,562

Capital Redemption Reserve

12

53

53

53

Retained income

17,937

16,530

3,499

Foreign exchange reserve

(10,568)

(10,436)

(9,315)

Total equity attributable to owners of the parent

20,662

19,387

17,477

Non-controlling interests

1,016

1,080

962

Total equity

21,678

20,467

18,439

Liabilities

Non-current liabilities

Provisions

13

723

742

760

Deferred tax liabilities

604

616

540

Lease liabilities

373

518

52

Total non-current liabilities

1,700

1,876

1,352

Current liabilities

Provisions

13

-

329

57

Trade and other payables

14

13,726

25,944

27,616

Current tax liabilities

302

394

27

Current portion of long-term borrowings

15

-

296

767

Lease liabilities

285

413

126

Bank overdraft

11

3

222

73

Total current liabilities

14,316

27,598

28,666

Total liabilities

16,016

29,474

30,018

Total equity and liabilities

37,694

49,941

48,457

The notes below are an integral part of this condensed consolidated interim financial report.

 

Statements of Profit or Loss and Other Comprehensive Income

Figures in £'000

Notes

Unaudited

Group

6 month

period ended

31 December

2024

Audited

Group

12 month

period ended

30 June

2024

Unaudited

Group

6 month

period ended

31 December

2023

Revenue

29,596

72,691

37,402

Cost of sales

(25,240)

(59,848)

(32,905)

Gross profit

4,356

12,843

4,497

Other income

83

38

(6)

Administrative expenses

(1,804)

(3,110)

(1,524)

Profit from operating activities

2,635

9,771

2,967

Finance income

64

102

25

Finance costs

(397)

(1,822)

(913)

Foreign exchange

(476)

(2,058)

(456)

Profit before tax

1,826

5,993

1,624

Income tax expense

16

(348)

(1,671)

(455)

Profit for the period

1,478

4,322

1,169

Profit for the period attributable to:

Owners of Parent

1,407

4,208

1,171

Non-controlling interest

71

114

(2)

1,478

4,322

1,169

Other comprehensive income net of tax

Components of other comprehensive income that will be reclassified to profit or loss

Exchange differences on translation relating to the parent

(Losses)/gains on exchange differences on translation

(132)

(1,081)

86

Total Exchange differences on translation

(132)

(1,081)

86

Exchange differences relating to thenon-controlling interest

(Losses)/gains on exchange differences on translation

(74)

38

24

Total other comprehensive income that will be reclassified to profit or loss

(206)

(1,043)

110

Total other comprehensive (expense)/income net of tax

(206)

(1,043)

110

Total comprehensive income

1,272

3,279

1,279

Comprehensive income attributable to:

Comprehensive income, attributable to owners of parent

1,275

3,128

1,258

Comprehensive income, attributable tonon-controlling interests

(3)

151

21

1,272

3,279

1,279

Earnings per share from continuing and discontinuing operations attributable to owners of the parent during the period

Basic earnings per share

Basic earnings per share

17

0.84

2.51

0.70

Diluted earnings per share

Diluted earnings per share

17

0.83

2.49

0.70

The notes below are an integral part of this condensed consolidated interim financial report.

 

Statements of Changes in Equity - Group

Figures in £'000

Share

Capital

Share

premium

Capital

Redemption

reserve

Foreign

exchange

reserve

Retained

income

Attributable

to owners of the

parent

Non-

controlling

interests

Total

Balance at 1 July 2023

1,678

11,562

53

(9,401)

12,328

16,220

1,033

17,253

Changes in equity

Profit for the year

-

-

-

-

4,208

4,208

114

4,322

Other comprehensive income

-

-

-

(1,081)

-

(1,081)

38

(1,043)

Increase/(decrease) due to adjustments

-

-

-

46

(6)

40

-

40

Total comprehensive income for the period

-

-

-

(1,035)

4,202

3,167

152

3,319

Non-controlling interests in subsidiary dividend

-

-

-

-

-

-

(105)

(105)

Audited Balance at 30 June 2024

1,678

11,562

53

(10,436)

16,530

19,387

1,080

20,467

 

Figures in £'000

Share

Capital

Share

premium

Capital

Redemption

reserve

Foreign

exchange

reserve

Retained

income

Attributable

to owners

of the

parent

Non-

controlling

interests

Total

Balance at 1 July 2024

1,678

11,562

53

(10,436)

16,530

19,387

1,080

20,467

Changes in equity

Profit for the period

-

-

-

-

1,407

1,407

71

1,478

Other comprehensive income

-

-

-

(132)

-

(132)

(74)

(206)

Total comprehensive income for the period

-

-

-

(132)

1,407

1,275

(3)

1,272

Non-controlling interests in subsidiary dividend

-

-

-

-

-

-

(61)

(61)

Unaudited Balance at 31 December 2024

1,678

11,562

53

(10,568)

17,937

20,662

1,016

21,678

The notes below are an integral part of this condensed consolidated interim financial report.

 

Statements of Cash Flows

Figures in £'000

Notes

Unaudited

Group

6 month

period ended

31 December

2024

Audited

Group

12 month

period ended

30 June

2024

Unaudited

Group

6 month

period ended

31 December

2023

Net cash flows from operations

745

4,629

1,489

Finance cost paid

(106)

(128)

(888)

Finance income received

9

21

-

Income taxes paid

(450)

(650)

(380)

Net cash flows from operating activities

198

3,872

221

Cash flows used in investing activities

Acquisition of investments

-

-

(17)

Loan issued to Green Coal Technologies

-

(16)

-

Proceeds from sales of property, plant and equipment

-

4

-

Purchase of property, plant and equipment

(861)

(923)

(793)

Cash flows used in investing activities

(861)

(935)

(810)

Cash flows used in financing activities

Repayment of capital portion of interest-bearing borrowings

(296)

(909)

(445)

Principal paid on lease liabilities

(273)

(259)

(57)

Payment of dividend to non-controlling interest

(61)

(105)

(93)

Cash flows used in financing activities

(630)

(1,273)

(595)

Net (decrease)/increase in cash and cash equivalents

(1,293)

1,664

(1,184)

Cash and cash equivalents at beginning of the period

3,886

2,781

2,782

Foreign exchange movement on opening balance

176

(559)

91

Cash and cash equivalents at end of the period

11

2,769

3,886

1,689

The notes below are an integral part of this condensed consolidated interim financial report.

 

Notes to the Consolidated Financial Statements

1. General information

This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2024 were approved by the Board of Directors and have been delivered to the Registrar of Companies. The auditors report on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

2. Basis of preparation

Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and the AIM Rules for Companies and in accordance with the accounting policies of the consolidated financial statements for the year ended 30 June 2024. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the last annual report. The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards ("IAS") and the Companies Act 2006 as applicable to entities reporting in accordance with IAS; as applicable to entities reporting in accordance with IFRS.

Going concern

The directors have assessed that the group is able to continue in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations and thus have adopted the going concern basis in preparing these financial statements.

The assessment of the going concern assumption involves judgement, at a particular point in time, about the future outcome of events or conditions which are inherently uncertain. The judgement made by the directors included the availability of and the ability to secure material for processing at its plants in South Africa and Ghana, the impact of loss of key management, outlook of commodity prices and exchange rates in the short to medium term and changes to regulatory and licensing conditions.

3. Significant accounting policies

The accounting policies applied in this condensed consolidated interim financial report are the same as those applied in the Group's consolidated financial statements as at and for the year ended 30 June 2024.

4. Property, plant and equipment

During the six months ended 31 December 2024, the Group acquired assets with a cost, excluding capitalised borrowing costs, of £861,480 (six months ended 31 December 2023: £793,084; twelve months ended 30 June 2024: £923,000).

5. Intangible assets

Intangible assets at the end of the period relate only to goodwill which relate to the investment held in Gold Minerals Resources Limited. The balance is supported by the combined ongoing gold recovery operations in South Africa and Ghana. During the six months ended 31 December 2024 the goodwill balance has not been impaired (six months ended 31 December 2023: £nil; twelve months ended 30 June 2024: £nil).

6. Investments in subsidiaries, joint ventures and associates

The amounts included on the statements of financial position comprise the following:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Investment in joint ventures

1

1

1

7. Receivable on Kilimapesa sale

Receivable on Kilimapesa sale incorporates the following balances:

The receivable relates to the 1% net smelter royalty on production of Kilimapesa up to a maximum of USD1,500,000.

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Non-current assets

608

610

571

Current assets

106

104

30

714

714

601

Other financial assets are recognised initially at the fair value, including transaction costs. The asset will subsequently be measured at fair value and are grouped into levels 1 to 3 based on the degree to which the fair value is observable. The financial assets from the Kilimapesa sale has unobservable inputs and is therefore included in level 3.

Included in the sales price of Kilimapesa is USD1,500,000 in future royalties based on the amount of gold sold by the purchaser.

The amount of gold ounces sold will be dependent on various factors including capital allocation, production and sales scheduling and capital availability on Kilimapesa mine. We used forecasts available in the market as at end of the year but actual results might vary.

8. Other loans and receivables

Other loans and receivables comprise the following balances:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Aurelian Capital Proprietary Limited

154

164

168

Green Coal Technologies receivable

15

16

-

169

180

168

The R6 million Aurelian vendor loan receivable has no fixed payment terms and is interest free. The 60 shares to which the loan relates are held by an agent in an escrow account. Title to the shares will only be released once the residual shares consideration has been discharged in full. The consideration for the shares is to be received in the form of distributions to be made and withheld by the company in lieu of the loan.

9. Inventories

Inventories comprise:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Raw materials

1,965

1,874

2,362

Consumable stores

1,353

1,172

940

Precious metals on hand and in process

11,738

9,039

10,162

15,056

12,084

13,464

Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of ordinarily interchangeable items.

10. Trade and other receivables

Trade and other receivables comprise:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Trade receivables

4,624

19,668

19,925

Provision for impairment of receivables

(28)

(28)

(19)

Trade receivables - net

4,596

19,640

19,906

Sundry debtors

1

1

1

Prepaid expenses

43

29

59

Other receivables

2,541

1,858

1,335

Value added tax

210

176

148

7,391

21,704

21,449

11. Cash and cash equivalents

11.1 Cash and cash equivalents included in current assets:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Cash

Balances with banks

2,772

4,108

1,762

11.2 Overdrawn cash and cash equivalents included in current liabilities

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Bank overdrafts

(3)

(222)

(73)

12. Share capital

Authorised and issued share capital

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Issued

Ordinary shares

1,678

1,678

1,678

1,678

1,678

1,678

Share premium

11,562

11,562

11,562

13,240

13,240

13,240

13. Provisions

Provisions comprise:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Environmental obligation

723

742

760

In terms of section 54 of the regulations of the Minerals Resource and Petroleum Act of 2002, in South Africa, a Quantum of Financial Provisioning is required for activities performed under the mining lease. Quantum of Financial Provisioning requires a detailed itemization of actual costs relating to the premature closure, decommissioning and final closure and post closure management. The Company makes use of an independent consultant to calculate the detail itemized actual current costs for rehabilitation and to evaluate any critical estimates and assumptions. The Quantum of Financial Provisioning has been approved by the Department of Minerals Resources in South Africa. The Company has insured the obligation and has ceded the proceeds from the policy to the Department of Minerals Resources.

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Other provisions

-

329

57

Total provisions

723

1,071

817

Other provisions relate to certain tax claims in the Group subsidiaries. The Group was involved in a process of arbitration dispute resolution ("ADR") in Kenya with respect to a claim that has been brought forward against Kilimapesa Gold (Pty) Limited, a subsidiary of Caracal Gold Plc ("Caracal Gold"), as agent of Gold Minerals Resources Limited ("subsidiary of Goldplat Plc"), regarding the sale of Kilimapesa by Gold Minerals Resources Limited to Caracal Gold. Per the ADR, the Company has agreed to settle USD320,000 in 3 instalments. The final instalment was paid on 15 November 2024.

14. Trade and other payables

Trade and other payables comprise:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Trade creditors

3,179

5,643

4,810

Anumso license accrual

369

369

369

Accrued liabilities

8,334

5,431

10,603

Invoice financing creditor

1,844

14,501

11,834

Total trade and other payables

13,726

25,944

27,616

15. Long term borrowings

During 2022, through GPL, the Group entered into a ZAR denominated bank facility of ZAR 60 million (approximately GBP3.02 million) with Nedbank, to finance the repurchase of shares from minorities in South Africa. The bank facility is repayable monthly over 36 months and attracts interest at South African Prime Rate plus 1.75%.

GPL provided security over its debtors as well as a negative pledge over its moveable and any immovable property, with a general notarial bond registered over all movable assets. The Company entered into a limited suretyship for ZAR 60 million, in favour of Nedbank. The facility is subject to various covenants, requiring certain levels of free cashflow, profitability, solvency and equity levels. The facility was repaid in full by October 2024.

Long term borrowings comprise:

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

Nedbank

-

296

767

Current portion of long term borrowings

-

296

767

16. Income tax expense

Income tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full financial year applied to the pre-tax income of the interim period. The tax charges for the period arises in South Africa, Ghana and on declaration of dividends from South Africa. The effective income tax rate in GPL was 7.73% (six months ended 31 December 2023: 20.5%), GRG was 15% (six months ended 31 December 2023: 15%) and the withholding tax rate on dividends declared was 5% (six months ended 31 December 2023: 5%).

17. Earnings per share

Basic earnings per share

Figures in £'000

Unaudited

Group

31 December

2024

AuditedGroup

30 June

2024

Unaudited

Group

31 December

2023

The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

Profit for the period attributable to owners of the company

1,407

4,208

1,171

Earnings used in the calculation of basic earnings per share for continuing operations

1,407

4,208

1,171

Weighted average number of ordinary shares used in the calculation of basic earnings per share ('000s)

167,783

167,783

167,783

Weighted average number of ordinary shares used in the calculation of diluted earnings per share ('000s)

169,340

169,235

168,438

18. Segment information

18.1 Segment revenues

Figures in £'000

Total segment

revenue

Period ended 31 December 2024

South African Recovery Operations

10,367

West African Recovery Operations

18,614

South American Recovery Operations

616

Administration and Other

-

Group revenue

29,596

Period ended 30 June 2024

South African Recovery Operations

19,342

West African Recovery Operations

53,555

South American Recovery Operations

1,721

Administration and Other

(1,927)

Group revenue

72,691

Period ended 31 December 2023

South African Recovery Operations

9,549

West African Recovery Operations

26,711

South American Recovery Operations

1,106

Administration and Other

36

37,402

18.2 Other incomes and expenses

Figures in £'000

Depreciation

Finance

cost

Finance income

Segment

profit/(loss)

before tax

Taxation

Period ended 31 December 2024

South African Recovery Operations

(305)

(126)

113

832

(76)

West African Recovery Operations

(70)

(620)

(78)

1,456

(249)

South American Recovery Operations

-

(0)

(1)

163

(37)

Administration

-

(54)

(35)

409

(315)

Intercompany trade and consolidation journals

-

79

(49)

(1,034)

329

Total other incomes and expenses

(375)

(721)

(50)

1,826

(348)

Period ended 30 June 2024

South African Recovery Operations

(538)

(523)

220

1,308

(96)

West African Recovery Operations

(132)

(3,305)

27

5,234

(1,254)

South American Recovery Operations

-

(19)

-

93

(28)

Administration

-

(143)

(33)

617

(51)

Intercompany trade and consolidation journals

-

122

(125)

(1,259)

(242)

Total other incomes and expenses

(670)

(3,867)

88

5,993

(1,671)

 

Period ended 31 December 2023

South African Recovery Operations

(215)

(259)

90

131

(155)

West African Recovery Operations

(55)

(1,101)

60

1,925

(280)

South American Recovery Operations

-

(16)

-

31

(4)

Administration

-

(74)

19

516

(47)

Intercompany trade and consolidation journals

-

1

(66)

(979)

30

Total other incomes and expenses

(270)

(1,448)

104

1,624

(455)

 

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