REG - Goldplat plc - Interim results for six-months ended 31 Dec 2023
25/03/2024 07:00
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RNS Number : 0602I Goldplat plc 25 March 2024
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
25 March 2024
Goldplat plc
('Goldplat' or the 'Company')
Interim results for the six-month period ended 31 December 2023
Goldplat Plc, (AIM:GDP) the AIM listed Mining Services Group, with
international gold recovery operations located in South Africa and Ghana,
servicing the African and South American Mining Industry, is pleased to
announce its unaudited interim results for the six months ended 31 December
2023 ('H1 2023').
Goldplat continued to achieve profitable results for H1 2023. Highlights
include:
· Strong operating profit for H1 2023 of £2,967,000 (H1 2022:
£2,813,000), which is particularly gratifying considering the circumstances
noted below;
· Revenue increasing by 82% to £37,402,000 (H1 2022:
£20,597,000), with the Ghanaian recovery operations recording an increase in
revenue of 167% and the South African operations a decrease in revenue of 9%
respectively;
· A net profit from continued operations attributable to owners of
the company of £1,171,000 (H1 2022: £1,742,000);
· Fully diluted earnings per share for the six-month period was
0.70 pence per share (H1 2022: 1.02 pence per share);
· The group net cash balance remained strong at £1,689,000 (30
June 2023: £2,782,000); and
· During the period the Company spent £793,000 (H1 2022:
£802,000) on capital expenditure, mainly on construction of a new tailings
storage facility ('TSF') in South Africa and refurbishment of one of the
circuits.
Werner Klingenberg, CEO of Goldplat commented: "I am pleased with the
continued strong operating results achieved by the group, considering some of
the difficult circumstances we've experienced during the first half of the
year in South Africa."
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc
or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / Samantha Harrison / Enzo Aliaj Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
James Bavister / Andrew de Andrade WH Ireland Limited Tel: +44 (0) 207 220 1666
(Broker)
Tim Thompson / Mark Edwards / Fergus Mellon Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
goldplat@flagstaffcomms.com
Chairman's Statement
I am pleased to report on positive results from our gold recovery operations,
with operating profit for the half year of £2,967,000 (H1 2022: £2,813,000).
This was on the back of revenue increasing by 82% to £37,402,000 (H1 2022:
£20,597,000), with the Ghanaian recovery operations recording an increase in
revenue of 167% and the South African operations a decrease in revenue of 9%
respectively.
The increase in revenue in Ghana was mainly due to the quantity of high grade,
low margin material sold during the period which had either built up due to
delays in our exports while our export license was finalised during the 2nd
half of the previous financial period or material only supplied during the
period.
As a result of the 82% increase in revenue, the amount pre-financed during the
6-month period increased significantly. This together with a circa 3% increase
in interest rates to circa 11% (an effective 38% increase), resulted in a
significant increase in interest paid which amounted to £827,000 (H1 2022:
£75,504).
The foreign exchange loss of £456,000, an increase of £334,000 from H1 2022,
was mainly due to the Ghana Cedi weakening by 5% against the United States
Dollar between July and December 2023.
Net interest paid of £888,000 (H1 2022: £202,000) includes £69,300 (H1
2022: £116,000) interest paid to Nedbank on the repayment of the loan
incurred to repurchase minority shares in South Africa. As at the end of
December 2023, the outstanding value of the loan with Nedbank was £767,000.
The decrease in the Group accrued tax expense is the result of a higher level
of taxable income during the period in Ghana than in South Africa, where we
are charged a beneficial rate of 15% due to Gold Recovery Ghana being part of
the Free Zone Trade Area in Ghana.
As a result, net profit decreased to £1,169,000 (H1 2022: £1,839,000) and an
all-in, fully diluted EPS for the half year of 0.70 pence (H1 2022: 1.02
pence).
To ensure the repayment of intercompany debt owed by the Group to GPL, a total
dividend of £995,000 has been declared by GPL during the period of which
£270,000 has been repaid to GPL.
Working capital
Goldplat Goldplat Goldplat
Recovery
Recovery Ghana
Group
31 Dec '23 30 Jun '23 31 Dec '23 30 Jun '23 31 Dec '23 30 Jun '23
£ '000 £ '000 £ '000 £ '000 £ '000 £ '000
Inventory 4 616 5 185 8 810 14 365 13 464 20 134
Trade and other receivables 6 134 14 744 14 935 14 438 21 449 29 205
Trade and other payables 5 701 13 679 20 772 28 193 27 616 43 196
Cash and cash equivalents 366 421 1 087 2 350 1 689 2 782
Cash and cash equivalents at the end of the period decreased to £1,689,000
(30 June 2023: £2,782,000). The decrease of £1,093,000 is largely because of
a decrease in trade payables during the period.
During the period we reduced the level of built up inventory and trade and
other receivables, with the cash received mainly used to settle amounts owed
to inventory suppliers or the invoice financing creditor (refer note 14).
As indicated in the paragraph above, inventory decreased from 30 June 2023, by
£6,670,000 of which £5,555,000 relates to the sale of built-up inventory in
Ghana as explained above.
Trade and other receivables also decreased from 30 June 2023 by £7,756,000
due to the large volumes of sales made close to the end of the financial
period, specifically in Ghana, being realised in the first half of the current
financial year.
Goldplat Recovery (Pty) Ltd
Revenue in South Africa decreased by 9% to £9,549,000 (H1 2022: £10,460,000)
due to production being impacted by electricity cuts by the electricity
provider in South Africa as well as a reduction in by-products received from
current mining operations due to changes in their production profile. As a
result, the operating profit for the period reduced to £300,000 (H1 2022:
£1,040,000).
As a result of delays experienced at the smelter in Europe in the previous
financial year, South Africa's half year results were further materially
impacted as an unusually large quantity of material for processing through
gravity circuits was held in stock at the end of June 2023; this material
contained a lower percentage of gold than estimated. While the percentage of
contained gold varies from month to month, the unusually large quantity of
material held in inventory meant that there was a disproportionate effect on
the half year with a significantly lower quantity of gold than expected being
recovered from our gravity circuits.
Apart from the circa £600,000 shortfalls experienced on the gravities, we
continued to see a reduction in by-products received from current mining
operations. The focus therefore remains to increase our by-product market
share in South Africa and to gain access to neighbouring countries.
With the new TSF being commissioned, we are focussing on the work required to
commence the processing of our old tailings facility which has a JORC Resource
of 81,959 ounces, at a DRD Gold process facility. Total capital spent during
H1 was £361,000 of which £319,000 was on the TSF.
We estimate that we will require a further £500,000 (not including £750,000
to be spent on the generators over the next 12 to 18 months) to be spent on
repairing and maintaining current operations, on completing the TSF and
improving the environmental impacts of our current operations. The company
anticipates this to be funded from internally generated cashflow.
We are working with DRD Gold to find the most economical methods to reprocess
the TSF and to receive environmental approval for a pipeline which will be
required to transport material to one of their facilities for processing.
Gold Recovery Ghana
Ghana experienced an exceptional half year driven by strong supplies during
the first half of the current financial year and the sale of inventory that
built up as a result of delayed exports whilst our export license was
finalised during the 2nd half of the previous financial period.
Ghana received the benefit during the period of good supply of material, with
consignments treated from Ghana, Côte d'Ivoire and South America. Our focus
remains on building on the momentum in South America and Côte d'Ivoire and
opening other jurisdictions in West Africa.
As a result of this strong performance, the operating margin increased, in
part the result of increased half year revenue of £26,711,000 (H1 2022:
£10,007,000). Net operating profit increased by 50% to £2,966,000 (H1 2022:
£1,982,000). During the period, GRG spent £432,000 on capital expenditure to
expand processing capacity in the plant.
Based on the increase in the number of clients in South America, it has become
more important to expand into South America and we will continue to do so on a
measured basis. We made an initial investment of £7,000 and plan to make a
further investment of £65,000 for property. Although we have identified the
area, the negotiations for the property are still ongoing.
Outlook
The strategy of the Company, which also drives the key performance indicators
of management, is to generate value for shareholders by creating sustainable
cash flow and profitability through:
• growing its customer base in Southern Africa, West Africa, South
America and further afield;
• forming strategic partnerships with other industry participants;
• leveraging its role in the circular economy to diversifying into
processing of platinum group metals ("PGM"), coal and other commodities
contained in contaminated material;
• ensuring the sustainability of its operations from an
environmental, social and governance perspective; and
• optimising the value to be extracted from the processing of its
2.2-million-ton, TSF.
Due to the continuing uncertainty of electricity supply in the medium term, we
decided to invest in diesel generators which will be able to sustain
operations in South Africa during electricity cuts as announced on 31 May
2023. During January, it became apparent that due to miscommunication between
the supplier of the generators and the manufacturer, the shipping of the
generators has been delayed and the project will only be completed in Q4 of
the current financial year.
The Company will remain focused on sharing future cashflows with shareholders,
specifically distributing surplus cash to shareholders where not required for
growth in line with key initiatives or managing specific risks.
Gerard Kemp
Chairman
25 March 2024
Statements of Financial Position
Group Group Group
Figures in £ '000 Notes 31 December 2023 30 June 31 December 2022
2023
Assets
Non-current assets
Property, plant and equipment 4 5 944 5 265 5 111
Right-of-use assets 324 352 416
Intangible assets 5 4 664 4 664 4 664
Investments in subsidiaries, joint ventures and associates 6 1 1 1
Investments 80 63 145
Receivable on Kilimapesa sale 7 571 571 556
Other loans and receivables 8 149 145 183
Total non-current assets 11 733 11 061 11 076
Current assets
Inventories 9 13 464 20 134 13 648
Trade and other receivables 10 21 449 29 205 20 456
Current tax assets - 58 -
Receivable on Kilimapesa sale 7 30 30 35
Other loans and receivables 8 19 19 -
Cash and cash equivalents 11 1 762 2 977 2 826
Total current assets 36 724 52 423 36 965
Total assets 48 457 63 484 48 041
Equity and liabilities
Equity
Share capital 12 1 678 1 678 1 678
Share premium 12 11 562 11 562 11 562
Capital Redemption Reserve 12 53 53 53
Retained income 13 499 12 328 11 272
Foreign exchange reserve (9 315) (9 401) (7 311)
Total equity attributable to owners of the parent 17 477 16 220 17 254
Non-controlling interests 962 1 033 1 026
Total equity 18 439 17 253 18 280
Liabilities
Non-current liabilities
Provisions 13 760 743 778
Deferred tax liabilities 540 531 908
Long-term borrowings 15 - 285 865
Lease liabilities 52 37 54
Total non-current liabilities 1 352 1 596 2 605
Current liabilities
Provisions 13 57 207 207
Trade and other payables 14 27 616 43 196 25 535
Current tax liabilities 27 - 254
Current portion of long-term borrowings 15 767 898 978
Lease liabilities 126 139 181
Bank overdraft 11 73 195 1
Total current liabilities 28 666 44 635 27 156
Total liabilities 30 018 46 231 29 761
Total equity and liabilities 48 457 63 484 48 041
The notes below are an integral part of this condensed consolidated interim
financial report.
Statements of Profit or Loss and Other Comprehensive Income
Figures in £ `000 Notes Group Group Group
12 month
6 month
6 month
period ended
period ended
30 June period ended
31 December
2023
31 December 2022
2023
Revenue 37 402 41 881 20 597
Cost of sales (32 905) (34 459) (16 704)
Gross profit 4 497 7 422 3 893
Other income (6) (96) -
Administrative expenses (1 524) (3 021) (1 080)
Profit from operating activities 2 967 4 305 2 813
Finance income 25 68 8
Finance costs (913) (1 238) (210)
Foreign exchange (456) 289 (122)
Profit before tax 1 624 3 424 2 489
Income tax expense 16 (455) (356) (650)
Profit for the period 1 169 3 068 1 839
Profit for the period attributable to:
Owners of Parent 1 171 2 798 1 742
Non-controlling interest (2) 270 97
1 169 3 068 1 839
Other comprehensive income net of tax
Components of other comprehensive income that will be reclassified to profit
or loss
Exchange differences on translation relating to the parent
Gains / (losses) on exchange differences on translation 86 (3 231) (1 135)
Total Exchange differences on translation 86 (3 231) (1 135)
Exchange differences relating to the non-controlling interest
(Losses)/Gains on exchange differences on translation 24 (203) (38)
Total other comprehensive income that will be reclassified to profit or loss 110 (3 434) (1 173)
Total other comprehensive (expense)/income net of tax 110 (3 434) (1 173)
Total comprehensive income 1 279 (366) 666
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent 1 258 (432) 606
Comprehensive income, attributable to non‑controlling interests 21 66 60
1 279 (366) 666
Earnings per share from continuing and discontinuing operations attributable
to owners of the parent during the period
Basic earnings per share
Basic earnings per share 17 0.70 1.67 1.03
Diluted earnings per share
Diluted earnings per share 17 0.70 1.65 1.02
The notes below are an integral part of this condensed consolidated interim
financial report.
Statements of Changes in Equity - Group
Figures in £ '000 Share Capital Share premium Share Redemption Reserve Foreign Retained income Attributable to owners of the parent Non-controlling interests Total
currency translation reserve
Balance at 1 July 2022 1 678 11 562 53 (6 170) 9 530 16 653 1 150 17 803
Changes in equity
Profit for the year - - - - 2 798 2 798 270 3 068
Other comprehensive income - - - (3 231) - (3 231) (203) (3 434)
Total comprehensive income for the period - - - (3 231) 2 798 (433) 67 (366)
Non-controlling interests in subsidiary dividend - - - - - - (184) (184)
Balance at 30 June 2023 1 678 11 562 53 (9 401) 12 328 16 220 1 033 17 253
Balance at 1 July 2023 1 678 11 562 53 (9 401) 12 328 16 220 1 033 17 253
Changes in equity
Profit for the period - - - - 1 171 1 171 (2) 1 169
Other comprehensive income - - - 86 - 86 24 110
Total comprehensive income for the period - - - 86 1 171 1 257 22 1 279
Non-controlling interests in subsidiary dividend - - - - - - (93) (93)
Balance at 31 December 2023 1 678 11 562 53 (9 315) 13 499 17 477 962 18 439
Notes 12 12 12
The notes below are an integral part of this condensed consolidated interim
financial report.
Statements of Cash Flows
Figures in £ `000 Notes Group Group Group
6 month
12 month
6 month
period ended
period ended 30 June
period ended
31 December 2023
2023
31 December 2022
Net cash flows from operations 1 489 4 511 1 340
Finance cost (888) (521) (324)
Finance income - - -
Income taxes paid (380) (647) (755)
Net cash flows from operating activities 221 3 343 261
Cash flows used in investing activities
Proceeds from sale of Caracal Gold - 727 682
Acquisition of investments (17) (145)
Other cash payments to acquire equity or debt instruments of other entities - (126) -
Proceeds from sales of property, plant and equipment - 30 -
Purchase of property, plant and equipment (793) (1 911) (802)
Cash flows used in investing activities (810) (1 280) (265)
Cash flows used in financing activities
Repayment of capital portion of interest-bearing borrowings (445) (1 620) (552)
Principal paid on lease liabilities (57) (287) (196)
Payment of dividend to non-controlling interest (93) (185) (152)
Cash flows used in financing activities (595) (2 092) (900)
Net decrease in cash and cash equivalents (1 184) (29) (904)
Cash and cash equivalents at beginning of the period 2 782 3 895 3 895
Foreign exchange movement on opening balance 91 (1 085) (165)
Cash and cash equivalents at end of the period 11 1 689 2 782 2 826
The notes below are an integral part of this condensed consolidated interim
financial report.
Notes to the Consolidated Financial Statements
1. General information
This condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 30 June 2023 were approved by the
Board of Directors and have been delivered to the Registrar of Companies. The
auditors report on those accounts: their report was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a statement
under section 498(2) or (3) of the Companies Act 2006.
2. Basis of preparation
Statement of compliance
The interim consolidated financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting and the AIM rules and in accordance
with the accounting policies of the consolidated financial statements for the
year ended 30 June 2023. They do not include all disclosures that would
otherwise be required in a complete set of financial statements and should be
read in conjunction with the last annual report. The statutory financial
statements for the year ended 30 June 2023 were prepared in accordance with UK
- adopted international accounting standards, the AIM Rules for Companies and
the Companies Act 2006 applicable to companies reporting under the
International Financial Reporting Standards ("IFRS"). They have been filed
with the Registrar of Companies. The auditors' report on those financial
statements was unqualified.
Going concern
The directors have assessed that the group is able to continue in business for
the foreseeable future with neither the intention nor the necessity of
liquidation, ceasing trading or seeking protection from creditors pursuant to
laws or regulations and thus have adopted the going concern basis in preparing
these financial statements.
The assessment of the going concern assumption involves judgement, at a
particular point in time, about the future outcome of events or conditions
which are inherently uncertain. The judgement made by the directors included
the availability of and the ability to secure material for processing at its
plants in South Africa and Ghana, the impact of loss of key management,
outlook of commodity prices and exchange rates in the short to medium term and
changes to regulatory and licensing conditions.
3. Significant accounting policies
The accounting policies applied in this condensed consolidated interim
financial report are the same as those applied in the Group's consolidated
financial statements as at and for the year ended 30 June 2023.
4. Property, plant and equipment
During the six months ended 31 December 2023, the Group acquired assets with a
cost, excluding capitalised borrowing costs, of £793,084 (six months ended 31
December 2022: £802,000; twelve months ended 30 June 2023: £1,911,000).
5. Intangible assets
Intangible assets at the end of the period relate only to goodwill which
relate to the investment held in Gold Minerals Resources Limited. The balance
is supported by the combined ongoing gold recovery operations in South Africa
and Ghana. During the six months ended 31 December 2023 the goodwill balance
has not been impaired (six months ended 31 December 2022: £nil; twelve months
ended 30 June 2023: £nil).
6. Investments in subsidiaries, joint ventures and associates
The amounts included on the statements of financial position comprise the
following:
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Investment in joint ventures 1 1 1
7. Receivable on Kilimapesa sale
Receivable on Kilimapesa sale incorporates the following balances:
The receivable relates to the 1% net smelter royalty on production of
Kilimapesa up to a maximum of USD1,500,000.
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Non-current assets 571 571 556
Current assets 30 30 35
601 601 591
Other financial assets are recognised initially at the fair value, including
transaction costs. The asset will subsequently be measured at fair value and
are grouped into levels 1 to 3 based on the degree to which the fair value is
observable. The financial assets from the Kilimapesa sale has unobservable
inputs and is therefore included in level 3.
8. Other loans and receivables
Other loans and receivables comprise the following balances
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Aurelian Capital Proprietary Limited 168 164 183
As part of the share repurchase of minority interest in GPL, the balance that
was outstanding from the minorities, Amabubesi (Pty) Ltd, for the original
purchase of the shares, was repaid. However, when additional shares was issued
to Aurelian, it was agreed that a portion of the proceeds will be recoverable
from future dividends. The balance outstanding has been included at discounted
value of future proceeds recoverable from dividends.
9. Inventories
Inventories comprise:
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Raw materials 2 362 2 462 2 958
Consumable stores 940 1 054 1 123
Precious metals on hand and in process 10 162 16 618 9 567
13 464 20 134 13 648
Inventories are initially recognised at cost, and subsequently at the lower of
cost and net realisable value. Cost comprises all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their
present location and condition. Weighted average cost is used to determine the
cost of ordinarily interchangeable items.
10. Trade and other receivables
Trade and other receivables comprise:
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Trade receivables 19 925 27 645 19 060
Trade receivables impairment (19) (114) -
Trade receivables - net 19 906 27 531 19 060
Sundry debtors - 1 -
Prepaid expenses 59 77 65
Deposits 1 - 1
Other receivables 1 335 1 404 924
Value added tax 148 192 406
21 449 29 205 20 456
11. Cash and cash equivalents
11.1 Cash and cash equivalents included in current assets:
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Cash
Balances with banks 1 762 2 977 2 826
11.2 Overdrawn cash and cash equivalents included in current liabilities
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Bank overdrafts (73) (195) (1)
12. Share capital
Authorised and issued share capital
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Issued
Ordinary shares 1 678 1 678 1 678
1 678 1 678 1 678
Share premium 11 562 11 562 11 562
13 240 13 240 13 240
13. Provisions
Provisions comprise:
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Environmental obligation 760 743 778
In terms of section 54 of the regulations of the Minerals Resource and
Petroleum Act of 2002, in South Africa, a Quantum of Financial Provisioning is
required for activities performed under the mining lease. Quantum of Financial
Provisioning requires a detailed itemization of actual costs relating to the
premature closure, decommissioning and final closure and post closure
management. The Company makes use of an independent consultant to calculate
the detail itemized actual current costs for rehabilitation and to evaluate
any critical estimates and assumptions. The Quantum of Financial Provisioning
has been approved by the Department of Minerals Resources in South Africa. The
Company has insured the obligation and has ceded the proceeds from the policy
to the Department of Minerals Resources. The movement in the current financial
year is due solely to foreign exchange.
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Other provisions 57 207 207
Current portion 57 207 207
817 950 985
Other provisions relate to certain tax claims in the Group subsidiaries.
14. Trade and other payables
Trade and other payables comprise:
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Trade creditors 4 810 5 974 3 856
Anumso license accrual 369 369 -
Accrued liabilities 10 603 17 799 9 406
Invoice financing creditor 11 834 19 054 12 273
Total trade and other payables 27 616 43 196 25 535
15. Long term borrowings
During the prior year, through GPL, the Group entered into a ZAR denominated
bank facility of ZAR 60 million (approximately £3.02 million) with Nedbank,
to finance the repurchase of shares from minorities in South Africa. The bank
facility is repayable monthly over 36 months and attracts interest at South
African Prime Rate plus 1.75%.
GPL provided security over its debtors as well as a negative pledge over its
moveable and any immovable property, with a general notarial bond registered
over all movable assets. The Company entered into a limited suretyship for ZAR
60 million, in favour of Nedbank. The facility is subject to various
covenants, requiring certain levels of free cashflow, profitability, solvency
and equity levels.
Long term borrowings comprise:
Figures in £ `000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Nedbank 767 1 183 1 843
Non-current portion of long term borrowings - 285 865
Current portion of long term borrowings 767 898 978
767 1 183 1 843
16. Income tax expense
Income tax expense is recognised based on management's best estimate of the
weighted average annual income tax rate expected for the full financial year
applied to the pre-tax income of the interim period. The tax charges for the
period arises in South Africa, Ghana and on declaration of dividends from
South Africa. The effective income tax rate in GPL was 20.5% (six months ended
31 December 2022: 21%), GRG was 15% (six months ended 31 December 2022: 14%)
and the withholding tax rate on dividends declared was 5% (six months ended 31
December 2022: 5%).
17. Earnings per share
Basic earnings per share
The earnings and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
Figures in £ '000 Group Group Group
31 December 30 June 31 December
2023 2023 2022
Profit for the period attributable to owners of the company 1 171 2 798 1 742
Earnings used in the calculation of basic earnings per share for continuing 1 171 2 798 1 742
operations
Weighted average number of ordinary shares used in the calculation of basic 167 783 167 783 168 837
earnings per share ('000s)
Weighted average number of ordinary shares used in the calculation of diluted 168 438 169 682 170 037
earnings per share ('000s)
18. Capital Commitments
Due to the continuing uncertainty of electricity supply in the medium term, we
have committed to invest £750,000 in diesel generators which will be able to
sustain operations in South Africa during electricity cuts. The investment
will be financed through an asset financing facility from a local bank. As the
generators have not been delivered as yet, the asset and liability have not
been recognised in the Statements of Financial Position.
19. Segment information
19.1 Segment revenues
Figures in £ '000 Total segment revenue
Period ended 31 December 2023
South African Recovery Operations 9 549
West African Recovery Operations 26 711
South American Recovery Operations 1 106
Administration and Other 36
Group revenue 37 402
Period ended 30 June 2023
South African Recovery Operations 26 959
West African Recovery Operations 14 814
South American Recovery Operations 100
Administration and Other 8
Group revenue 41 881
Period ended 31 December 2022
South African Recovery Operations 10 460
West African Recovery Operations 10 007
South American Recovery Operations 130
20 597
19.2 Other incomes and expenses
Figures in £ `000 Depreciation Finance cost Finance income Segment profit/(loss) before tax Taxation
Period ended 31 December 2023
South African Recovery Operations (215) (259) 90 131 (155)
West African Recovery Operations (55) (1 101) 60 1 925 (280)
South American Recovery Operations - (16) - 31 (4)
Administration - (74) 19 516 (47)
Reconciliation to group figures - 1 (66) (979) 30
Total other incomes and expenses (270) (1 448) 104 1 624 (455)
Period ended 30 June 2023
South African Recovery Operations (468) (456) (13) 2 808 96
West African Recovery Operations (109) (1 022) 597 1 965 (355)
South American Recovery Operations - 13 - (214) (7)
Administration - (154) - 871 (90)
Reconciliation to group figures - (1) 155 (2 006) -
Total other incomes and expenses (578) (1 620) 739 3 424 (356)
Period ended 31 December 2022
South African Recovery Operations (220) (170) 89 1 318 (278)
West African Recovery Operations (57) (40) - 2 304 (322)
South American Recovery Operations - - - (88) (3)
Administration - (81) - 599 (47)
Reconciliation to group figures - 81 (81) (1 644) -
Total other incomes and expenses (277) (210) 8 2 489 (650)
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