(Alliance News) – Goldplat PLC on Friday reported a substantial increase in full-year profits as the company's performance was boosted by gold prices.
The gold miner and producer with recovery operations in Ghana and South Africa said its pre-tax profit for the year to June 30 rose 75% to £6.0 million, up from £3. £4m the previous year.
The year-on-year increase was driven by an equivalent improvement in revenue, which rose 74% to £72.6 million, up from £41.8 million in the same period. , due to increased gold sales and a rise in the average price of gold throughout the year.
The company added that reduced power cuts in South Africa had a positive impact on profits.
Goldplat said its improved sales were a result of an increase in “high-grade, low-margin lots processed in Ghana”, with the average gold price throughout the period increasing to 2,076 USD per ounce, compared to USD 1,829 per ounce in 2023.
Its shares closed 3.6% higher at 7.46 pence on Friday afternoon in London.
The company said its short-term outlook, from 2025 to 2026, includes reducing production costs, particularly in its CIL channels in South Africa. Longer term, from 2030 and beyond, the company is looking to diversify into other raw materials.
Werner Klingenberg, Managing Director of Goldplat, said: “I am pleased with the excellent business results achieved by the group this year. These results were achieved despite a number of significant operational challenges during the period.
“The board and I are very encouraged by the results of the year and by the way in which the group has performed, despite these operational difficulties.
“Looking ahead to the current financial year, I believe Goldplat is on track to achieve further positive operational performance, and we look forward to reporting our progress throughout 2025.”
By Christopher Ward, Alliance News reporter
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