Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
26 September 2016
Goldplat plc ('Goldplat' or 'the Company')
Goldplat plc, the AIM listed gold producer, announces its preliminary results for the year ended 30 June 2016 ('FY 2016').
- Goldplat continued to strengthen its market-leading gold recovery operations in South Africa and Ghana, whilst making progress on the geographical diversification of these businesses into Africa, as well as into South America
- Management approved plans for a plant expansion at Kilimapesa, with the aim of increasing production rates and operational profitability during the 2017 financial year
- The Company produced 37,666 ounces of gold during the year (FY 2015: 30,524 ounces)
- Significant increase in production from recovery operations to 35,661 ounces (FY 2015: 28,246 ounces)
- Kilimapesa mine produced 2,005 ounces (FY 2015: 2,278 ounces)
- Actual sales were 40,763 ounces (FY 2015: 24,904 ounces)
- Gold sold for own account was 27,538 ounces (FY 2015: 21,181 ounces)
- Gold transferred to clients was 13,225 ounces (FY 2015: 3,723 ounces)
- Multiple cost improvement initiatives and investment in infrastructure to improve operational efficiencies, resulting in increased profitability and return to positive cash flow
- The management team was strengthened across all operations to align skills and experience with Company strategy in order to build on profitability and spearhead new development opportunities
- A new Chairman, Matthew Robinson, was identified, and is to be proposed at the upcoming AGM
- Operating profit of £1,172,000 (2015: loss of £711,000)
- Profit before tax of £1,942,000 (2015: loss of £796,000)
- South African recovery business continued to perform well and increased its operating profits to £1,777,000 (FY 2015: £1,090,000)
- Gold Recovery Ghana showed the strongest turnaround performance, turning an operational loss in FY 2015 of £641,000 into an operational profit of £437,000 for FY 2016
- Kilimapesa gold mine reported a net loss of £711,000 for the year (FY 2015: loss of £753,000) - operational constraints are now being addressed with mining and treatment capacity being increased during H1 FY 2017, which aims to return the mine to profitability
- Net cash position of £2,056,000 as at 30 June 2016 (2015: £630,000)
- Increase in revenue of 21% whilst cost of sales increased by 10% year on year
- Gold sold on own account increased by 30% to 27,538 ounces (FY 2015: 21,181 ounces), which is reflected in increased Group sales
To view the full report including Chairman's Statement please click here.
** ENDS **
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
|Gerard Kisbey-Green||CEO Goldplat plc||Tel: +27 (71) 8915775|
|Colin Aaronson / Jen Clarke / Daniel Bush||Grant Thornton UK LLP||Tel: +44 (0) 20 7383 5100|
|Andrew Raca / Justin McKeegan||VSA Capital Limited (Broker)||Tel: +44 (0) 20 3005 5000|
|Charlotte Heap / Susie Geliher||St Brides Partners Ltd||Tel: +44 (0) 20 7236 1177|
Goldplat is a profitable, African gold recovery services company . . .More info...
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