Aquarius Platinum Limited (LON:AQP) said today revenue increased by 52% to $472.2m in the year to end-June, up from $310.6m the previous year. Mine operating net cash flow increased six-fold to $94m (2009: $12m) and mine EBITDA increased by $175.5m to $145.1m (2009: -$30.5m). Adjusted net profit was $62.1m (before exceptional charges) and reported net profit increased by $73.5m to $27.8m (6.09 cents per share). The group cash balance at the period close was $381.7m, an increase of $228.1m on the prior year. A final dividend of 4 cents per share was declared, taking full year dividend to 6 cents per share (2009: nil). Group attributable production (including Blue Ridge) was 422,645 PGM ounces for the full year, despite the Everest mine closure for the most part of the year.
Stuart Murray, CEO, said: "The 2010 financial year has been a very different year for Aquarius compared to 2009. Sharp improvements have been recorded in almost all financial metrics compared to the very tough 2009 financial year, as the effects of the global financial crisis have abated and markets have made a tentative recovery. During the year average PGM prices recovered quite strongly, despite the recent corrections since May. PGMs are late-stage recovery commodities, as they are linked to that significant consumer expenditure item - the car! As a result we believe that as world demand continues to recover, so the outlook for our primary products will continue to improve, aided in the medium term by continued supply side constraints. 2010 was a much improved year financially, and 2011 has the potential to be somewhat better".
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