(Alliance News) – Goldplat PLC resumed trading on AIM in London on Monday following reporting results for the financial year that ended June 30, showing profit and revenue growth.
Goldplat also released operating results for the second quarter of fiscal 2023, as operating profit in South Africa fell due to ongoing power cuts.
Goldplat shares were down 9.3% at 9.25p apiece in London on Monday morning.
The South Africa and Ghana-focused mining services company said pre-tax profit for the financial year that ended June 30, 2022 increased by 60% to £5.8 million, from £3.7m in 2021. Revenue increased by 22% from £35.4m to £43.2m. Cost of sales increased by 14% from £29.2m to £33.2m, while administrative costs increased by 38% from £1.7m to £2.3m of GBP.
Looking ahead, Goldplat said it plans to expand its portfolio of assets in Brazil and continues to focus on investing in research and development to identify different treatment methods.
Chairman of the board Gerard Kemp said the threat posed by Covid has “significantly diminished” over the past year, but Russia’s war in Ukraine “poses a significant challenge to security chains.” supply chain and, although Goldplat has no business directly related to Russia or Ukraine, the long-term effect of the dispute on the group is uncertain.”
Goldplat also on Monday released its operating results for the three months ended Dec. 31, the second quarter of fiscal 2023. Operating profit at its Ghanaian operation rose slightly to $1.03 million. pounds sterling, compared to 1.01 million a year earlier.
However, operating profit in South Africa fell to GBP 356,000 from GBP 1.3 million due to power cuts by state utility Eskom Holdings SOC Ltd.
Goldplat warned: “While we cannot predict the level of electricity supply for the remainder of the year, if power outages in South Africa continue at the current level, although we still expect to generate operating profits in the third and fourth quarters, we believe it is unlikely that we will be able to meet market expectations for the current fiscal year. impact of electricity supply and changes in our business in general.”
Werner Klingenberg, Managing Director of Goldplat, said: “Our solutions have always been flexible and unique, and I’m confident the team will find a way to manage the impact of power outages in South Africa, while reducing their impact on our results.”
By Tom Budszus, Alliance News reporter
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