REG-Bisichi Plc: Half-year Report
30/09/2025 07:02
30 September 2025
BISICHI PLC
Interim Results for the period ended 30 June 2025
For the six months ending 30(th) June 2025:
* EBITDA 1 :
£0.14million (2024:
£7.35million)
* Adjusted EBITDA 2 : £0.09million
(2024: £6.65million)
* Earnings impacted by lower production and higher mining costs at Black
Wattle, the Group’s South African mining operation.
* Lower overall commodity prices achieved by Sisonke Coal Processing, the
Group’s coal processing operation were offset by improved coal qualities and
processing yields.
* An interim dividend of 3p (H1 2024: 3p) declared.
END
For further information, please call:
Andrew Heller/Garrett Casey Bisichi PLC
020 7415 5030
1 Earnings before Interest, taxation, depreciation and amortisation.
2 Operating profit before depreciation, fair value adjustments and exchange
movements.
Bisichi PLC
Half year review – 30 June 2025
For the six month period ended 30 June 2025, your company made a profit before
interest, tax, depreciation and amortisation (EBITDA) of £0.14million (H1
2024: £7.35million) and an operating profit before depreciation, fair value
adjustments and exchange movements (Adjusted EBITDA) of £0.09million (H1
2024: £6.65million). The lower earnings for the Group, compared to the first
six months of 2024, are mainly attributable to lower mining production and
higher mining costs at our South African coal mining asset, Black Wattle
Colliery. Lower prices for coal sold by Sisonke Coal Processing, the Group’s
South African coal processing operation, also impacted earnings but were
offset by improved coal qualities and yields through the washing plant.
At Black Wattle, the Group achieved production of 545,000 metric tonnes,
compared to 708,000 metric tonnes in the first half of 2024 and 788,000 in the
second half of the year. In order to reduce elevated Run of Mine coal
inventories that had accumulated from 2024, management made the decision to
reduce Run of Mine production during the period. The reduced production along
with higher mining costs impacted profitability during the period. Looking
forward, in order to offset the impact of suppressed coal markets and lower
overall coal prices, plans were made to transition to southern sections of our
existing mining area in order to benefit from the lower mining costs and
improved coal qualities in these areas. The transition to these areas will be
implemented by early 2026.
During the period, the weekly price of Free on Board (FOB) coal from Richards
Bay Coal Terminal (API4 price) averaged US$92 compared to US$101 in the first
half of 2024, and US$111 in the second half of the year. At present, the API4
price is now below $85. Prices achievable in the domestic market were also
lower during the period, compared to the first half of 2024, due to the
knock-on impact of lower overall international coal prices. However, the Group
was able to miti
gate this impact through the selling of higher quality coal during the period.
The improved coal qualities and processing yields from the new areas mined
during 2025, along with a reduction in Run of Mine coal inventories, ensured
the Group maintained sales volumes during the period. The Group sold 619,000
metric tonnes compared to 618,000 metric tonnes in the first half of 2024 and
1.19million metric tonnes overall in 2024.
Looking forward into the second half of 2025 and 2026, we remain optimistic
about the continued benefits from Black Wattle’s improved coal qualities and
the mining areas that we plan to move into. However, we are mindful of the
current coal market volatility with lower seaborne coal prices, reflecting a
temporary buildup in global coal supply and a slowdown in demand, that have
impacted coal revenue in 2025 to date. With such uncertainty we are
approaching the remainder of this year with caution and we are proactively
managing this by implementing the plans outlined above and maintaining a
diversified customer base.
In the UK, rental revenue from our retail property portfolio remained stable
in the first half of 2025. Overall, the Group billed revenue from our directly
owned property portfolio of £0.53million (H1 2024: £0.54million) during the
first half of the year. As previously reported, at our development site in
West Ealing, the planning consent for 56 flats and four retail units has been
fully implemented. The market for residential development remains particularly
challenging due to increased construction costs and the uncertainty arising
from the practical implementation of new Building Safety Act, particularly
around tall buildings. We continue to refine the estimated construction
pricing with our preferred contractors and to explore the best options for the
sale of the flats, including a pre-sale. Our view of the value of the
development has not changed from the 2024 year end, but there remain
significant risks that may impact our overall financial return from this
project including potential further write-downs of our equity position.
During the period, the Group’s total non-current and current listed equity
investments held at fair value through profit and loss decreased to
£13.7million (H1 2024: £15.9million). The Group achieved gains on
investments during the period of £0.24million (H1 2024: £0.92million) as
well as dividend income from investments during the period of £0.12million
(H1 2024: £0.16million). As at 30(th) June 2025, the fair value of the
Group’s listed equity related investment portfolios comprised:
* 57% of investments in listed equities with a market capitalisation of
greater then £10billion;
* 28% of investments in listed equities with a market capitalisation of
greater then £1bn and less then £10billion;
* 4% of investments in listed equities with a market capitalisation of less
then £1bn; and
* 11% of an investment in a listed equity related investment fund.
The listed equities and listed equity related investment fund are primarily
involved or invested in extractive and energy related business activities,
including entities involved in the extraction of commodities needed for the
clean energy transition.
Finally, your directors intend to pay an interim dividend of 3p (2024: 3p) per
share. The dividend will be payable on Friday 6 February 2026 to shareholders
registered at the close of business on 9 January 2026.
In light of the reduced coal price and the challenges explained above, on
behalf of the Board and shareholders, I would like to thank all of our staff
and partners in our South African operations for their hard work and
significant contribution during what has been a challenging period.
Andrew Heller
Executive Chairman & Managing Director
29 September 2025
Bisichi PLC
Consolidated income statement
For the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2025 2024 2024
Notes £000 £000 £000
Group revenue 1 24,853 23,480 52,289
Operating costs (26,648) (18,428) (45,507)
Operating (loss)/profit on trading activities (1,795) 5,052 6,782
Decrease in value of investment properties - - 150
Gain on investments held at fair value 241 920 68
Operating (loss)/profit 1 (1,554) 5,972 7,000
Share of loss in joint ventures (145) (250) (626)
(Loss)/Profit before interest and taxation (1,699) 5,722 6,374
Interest receivable 39 64 110
Interest payable (418) (776) (1,464)
(Loss)/Profit before taxation 1 (2,078) 5,010 5,020
Income tax 2 569 (1,321) (1,615)
(Loss)/Profit for the period (1,509) 3,689 3,405
Attributable to:
Equity holders of the company (1,001) 1,957 1,117
Non-controlling interest (508) 1,732 2,288
(Loss)/Profit for the period (1,509) 3,689 3,405
Loss/Earnings per share - basic 3 (9.38p) 18.33p 18.33p
Loss/Earnings per share - diluted 3 (9.38p) 18.33p 18.33p
Bisichi PLC
Consolidated statement of comprehensive income
For the six months ended 30 June 2025
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2025 2024 2024
£000 £000 £000
(Loss)/Profit for the period (1,509) 3,689 3,405
Other comprehensive income/(expenses):
Exchange differences on translation of foreign operations (278) 175 (122)
Taxation - - -
Other comprehensive (loss)/income for the period, net of tax (278) 175 (122)
Total comprehensive (loss)/income for the period (1,787) 3,864 3,283
Attributable to:
Equity shareholders (1,175) 2,059 1,040
Non-controlling interest (612) 1,805 2,243
Total comprehensive (loss)/income for the period (1,787) 3,864 3,283
Bisichi PLC
Consolidated Balance Sheet
as at 30 June 2025
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
Assets £000 £000 £000
Non-current-assets
Value of investment properties 10,760 10,648 10,760
Fair value of head leases 206 170 206
Investment property 10,966 10,818 10,966
Mining reserves, plant and equipment 20,955 22,661 22,771
Investments in joint ventures 485 1,006 631
Other investments at fair value through profit and loss (“FVPL”) 13,245 15,181 14,339
Total non-current assets 45,651 49,666 48,707
Current assets
Inventories 3,675 3,432 3,377
Trade and other receivables 4,551 8,295 7,794
Investments in listed securities held at FVPL 459 768 628
Cash and cash equivalents 1,696 1,784 1,175
Total current assets 10,381 14,279 12,974
Total assets 56,032 63,945 61,681
Liabilities
Current liabilities
Borrowings (1,375) (6,385) (2,266)
Trade and other payables (12,710) (13,042) (12,895)
Current tax liabilities (2,372) (4,750) (3,801)
Total current liabilities (16,457) (24,177) (18,962)
Non-current liabilities
Borrowings (3,760) (18) (3,858)
Provision for rehabilitation (1,541) (1,635) (1,590)
Finance lease liabilities (241) (271) (328)
Deferred tax liabilities (117) (813) (813)
Total non-current liabilities (5,659) (2,737) (6,589)
Total liabilities (22,116) (26,914) (25,551)
Net assets 33,916 37,031 36,130
Equity
Share capital 1,068 1,068 1,068
Share premium 258 258 258
Translation reserve (3,278) (2,926) (3,105)
Other reserves 1,112 1,112 1,112
Retained earnings 31,522 34,110 32,950
Total equity attributable to equity shareholders 30,682 33,622 32,283
Non-controlling interest 3,234 3,409 3,847
Total equity 33,916 37,031 36,130
Bisichi PLC
Consolidated Cash Flow Statement
For the six months ended 30 June 2025
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£000 £000 £000
Cash flows from operating activities
Operating (loss)/profit (1,554) 5,972 7,000
Depreciation 1,835 1,628 4,044
Unrealised gain on investments (241) (920) (68)
Unrealised loss on investment properties - - (150)
Exchange adjustments 52 (27) 24
Movement in working capital 2,647 (318) 393
Net interest paid (379) (712) (1,334)
Income tax paid (1,431) (721) (1,789)
Cash flow from operating activities 929 4,902 8,120
Cash flows from investing activities 696 (5,215) (8,039)
Cash flows from financing activities (217) (43) (897)
Net increase/(decrease) in cash and cash equivalents 1,408 (356) (816)
Cash and cash equivalents at 1 January (1,083) (292) (292)
Exchange adjustment 5 (5) 25
Cash and cash equivalents at end of period 330 (653) (1,083)
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts:
Cash and cash equivalents 1,696 1,784 1,175
Bank overdrafts (1,366) (2,437) (2,258)
Cash and cash equivalents at end of period 330 (653) (1,083)
Bisichi PLC
Consolidated statement of changes in shareholders' equity
For the six months ended 30 June 2025
Share Share Translation Available for sale Other Retained Non-controlling Total
capital premium reserve reserves reserves earnings Total Interest Equity
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2024 1,068 258 (3,028) - 1,112 32,580 31,990 1,604 33,594
Profit for the period - - - - - 1,957 1,957 1,732 3,689
Other comprehensive income and expense - - 102 - - - 102 73 175
Total comprehensive income for the period - - 102 - - 1,957 2,059 1,805 3,864
Dividend - - - - - (427) (427) - (427)
Balance at 30 June 2024 1,068 258 (2,926) - 1,112 34,110 33,622 3,409 37,031
Balance at 1 January 2024 1,068 258 (3,028) - 1,112 32,580 31,990 1,604 33,594
Profit for the year - - - - - 1,117 1,117 2,288 3,405
Other comprehensive income and expense - - (77) - - - (77) (45) (122)
Total comprehensive income for the year - - (77) - - 1,117 1,040 2,243 3,283
Dividend - - - - - (747) (747) - (747)
Balance at 31 December 2024 1,068 258 (3,105) - 1,112 32,950 32,283 3,847 36,130
Loss for the year - - - - - (1,001) (1,001) (508) (1,509)
Other comprehensive income and expense - - (174) - - - (174) (104) (278)
Total comprehensive loss for the period - - (174) - - (1,001) (1,175) (612) (1,787)
Dividend - - - - - (427) (427) - (427)
Balance at 30 June 2025 1,068 258 (3,279) - 1,112 31,522 30,681 3,235 33,916
ACCOUNTING POLICIES AND NOTES TO THE
ACCOUNTS:
The results for the six months ended 30 June 2025 have been prepared in
accordance with International Financial Reporting Standards (IFRS). The
principal accounting policies applied are the same as those set out in the
Financial Statements for the year ended 31 December 2024, and which will form
the basis of the 2025 Annual report.
1. Segmental analysis
For management purposes, the Group is organised into two operating Divisions,
Mining and Property. These Divisions are the primary basis on which the Group
reports its segment information. This is consistent with the way the Group is
managed and with the format of the Group's internal financial reporting.
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£000 £000 £000
Revenue
Mining 24,204 22,777 50,683
Property 533 541 1,266
Other 115 162 340
24,852 23,480 52,289
Operating (loss)/profit
Mining (2,184) 4,658 5,793
Property 275 233 803
Other 355 1,081 404
(1,554) 5,972 7000
Share of loss in joint ventures (145) (250) (626)
Interest receivable 39 64 110
Interest payable (418) (776) (1,464)
(Loss)/ Profit before taxation (2,078) 5,010 5,020
1. Taxation
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£000 £000 £000
Based on the results for the period:
Corporation tax at 27% (2024: 27%) 67 228 462
Deferred taxation (636) 1,093 1,153
(569) 1,321 1,615
1. Earnings/ (loss) per share
Both the basic and diluted earnings per share calculations are based on a loss
of £1,001,000 (2024: profit of £1,957,000). The basic earnings per share has
been calculated on a weighted average of 10,676,839 (2024: 10,676,839)
ordinary shares being in issue during the year. The diluted earnings per share
has been calculated on the weighted average number of shares in issue of
10,676,839 (2024: 10,676,839) plus the dilutive potential ordinary shares
arising from share options of nil (2024: nil) totalling 10,676,839 (2024:
10,676,839).
1. Investment properties
Investment properties are held at fair value at each reporting period.
Management evaluate on an ongoing basis the impact of the current economic
performance of the UK Retail market on the future performance of the group’s
existing UK property portfolio. The Directors have placed a valuation on the
properties which is not materially different to the value as at 31 December
2024. Therefore no change in fair value of investment properties has been made
during the period. Investment properties are therefore included at a
Director’s valuation which is considered to be the fair value as at 30 June
2025. Please refer to page 86 to 88 of the 2024 Annual report and Accounts for
details on the valuation of investment and development properties as at 31
December 2024.
1. Related Parties
The related parties and the nature of costs recharged are as disclosed in the
Group's annual financial statements for the year ended 31 December 2024. The
Group paid management fees of £100,000 (30 June 2024: £100,000 December
2024: £200,000) to London & Associated Properties PLC, an associated company.
1. Financial information
The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the
year ended 31st December 2024 are based upon the latest statutory accounts,
which have been delivered to the Registrar of Companies; the report of the
auditors on those accounts was unqualified and did not contain a statement
under Section 498(2) or (3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's Financial
Conduct Authority, the interim financial statements have been prepared in
accordance with the International Financial Reporting Standards (IFRS) and in
accordance with both IAS 34 'Interim Financial Reporting' as adopted by the
United Kingdom and the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review by the
company's auditors.
The annual financial statements of Bisichi PLC are prepared in accordance with
UK-adopted international accounting standards in conformity with the
requirements of the Companies Act 2006. The same accounting policies are used
for the six months ended 30 June 2025 as were used for the year ended 31
December 2024.
The assessment of new standards, amendments and interpretations issued but not
effective, are not anticipated to have a material impact on the financial
statements.
The largest areas of estimation and uncertainty in the interim financial
statements are in respect of:
* Life of mine and reserves;
* Depreciation;
* Provision for rehabilitation (relating to environmental rehabilitation of
mining areas);
* Impairment; and
* The valuation of investment and development properties
Property, plant and equipment representing the group’s mining assets in
South Africa are reviewed for impairment where there is evidence of a material
impairment. The impairment test indicated significant headroom as at 31
December 2024 and no impairment was considered appropriate. The directors have
used similar key assumptions and estimates as outlined on page 74 of the 2024
Annual report and Accounts, and no impairment was considered appropriate as at
30 June 2025.
Other areas of estimation and uncertainly are referred to in the Group's
annual financial statements. There have been no significant changes to the
basis of accounting of key estimates and judgements as disclosed in the annual
report as at 31 December 2024.
The Group’s contingent liabilities and bank guarantees are referred to in
the Group's 2024 annual financial statements. Black Wattle Colliery (Pty) Ltd
continues to be involved in a tax dispute in South Africa related to Vat. The
dispute arose during the year ended 31 December 2020 and is related to events
which occurred prior to the years ended 31 December 2020. The interpretation
of laws and regulations in South Africa where the Group operates can be
complex and can lead to challenges from or disputes with regulatory
authorities. Such situations often take significant time to resolve. Where
there is a dispute and where a reliable estimate of the potential liability
cannot be made, or where the Group, based on legal advice, considers that it
is improbable that there will be an outflow of economic resources, no
provision is recognised. Further details of the contingent tax liability can
be found on page 108 of the 2024 Annual report and Accounts.
The interim financial statements have been prepared on the going concern
basis. Cashflow forecasts demonstrate that the group has adequate resources to
continue in operational existence for the foreseeable future and is well
placed to manage its business risks.
1. Dividend
The final dividend in respect of 2024, totalling £427,074 was approved by
the shareholders at the Annual General Meeting held on the 18th June 2025 and
was paid on the 25th July 2025. The final dividends in respect of 2024 are
included as a liability in these interim financial statements. A proposed
interim dividend for the year ended 31 December 2025 totalling £320,305
(2024: £320,305) was approved by the Board of Directors on 29 September 2025
and has not been included as a liability in these Interim Financial
Statements.
1. Principal risks and uncertainties
The Group has an established risk management process which works within the
corporate governance framework as set out in the 2024 Annual Report and
Accounts. Risks and uncertainties identified by the Group are set out on page
20 to 23 of the 2024 Annual Report & Accounts and are reviewed on an ongoing
basis. There have been no significant changes in the first half of 2025 to the
principle risks and uncertainties as set out in the 2024 Annual Report &
Accounts.
Risks faced by the business are assessed by the Board on an ongoing basis.
Strategies for mitigating the risks have been defined and specific measures
for achieving these are already underway. These include the measures outlined
in the Chairman’s Statement, Mining Review and Financial Review &
Performance sections of the 2024 Annual report and Accounts.
The principal risks as stated in the 2024 Annual Report & Accounts reflect the
challenging environment in which the business operates and are considered
under the following broad headings:
Mining:
* Coal price and volume risk
* Mining risk
* Currency risk
* New reserves and mining permissions
* Power supply risk
* Flooding risk
* Environmental risk
* Health & safety risk
* Climate change risk
* Labour risk
* Socio-economic, political instability & regulatory environment risk
* Cashflow
Property:
* Property valuation risk
1. Board approval
These interim results were approved by the Board of Bisichi PLC on 29
September 2025.
DIRECTORS RESPONSIBILITY STATEMENT AND REPORT ON PRINCIPAL RISKS
AND UNCERTAINITIES
Responsibility Statement
We confirm to the best of our knowledge:
(a) the condensed set of financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by the
EU;
(b) the interim management report includes a fair review of the information
required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during the period; and any changes in the related
party transactions described in the last annual report that could do so.
This report contains forward-looking statements. These statements are based on
current estimates and projections of management and currently available
information. Future statements are not guarantees of the future developments
and results outlined therein. Rather, future developments and results are
dependent on a number of factors; they involve various risks and uncertainties
and are based upon assumptions that may not prove to be accurate. Risks and
uncertainties identified by the Group are set out on page 20 to 23 of the 2024
Annual Report & Accounts. We do not assume any obligation to update the
forward-looking statements contained in this report.
Andrew Heller
Executive Chairman & Managing Director
29 September 2025
DIRECTORS AND
ADVISERS
Directors
Andrew R Heller MA, ACA (Executive Chairman & Managing Director)
Robert Grobler PR Cert Eng (Mining
Director)
Garrett Casey CA (SA) (Finance Director)
John Wong ACA, CFA (Non-executive)
Clement Robin Parish (Non-executive)
John Heller LLB MBA (Non-executive)
Rt Hon. Stephen Crabb MBA, BSc(Non-executive)
Secretary & Registered office Garrett Casey CA
(SA)
12 Little Portland Street
London
W1W 8BJ
Black Wattle Colliery - Directors Andrew Heller (Managing
Director)
Garrett Casey (Finance Director)
Ethan Dube (Commercial Director)
Robert Grobler (Mining Director)
Millicent Zvarayi
Registrars and transfer office MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS14DL
UK Telephone: 0371 664 0300
International Telephone: +44 (0) 371 664 0300
(Calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable
international rate. Lines are open between 9.00am to 5.30pm, Monday to
Friday excluding public holidays in England and Wales)
Website: https://www.mpms.mufg.com/
E-mail: shareholderenquiries@cm.mpms.mufg.com
Company registration number 00112155 (Incorporated in England
and Wales)
Web site
www.bisichi.co.uk
E-mail
admin@bisichi.co.uk
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