REG - Goldplat plc - Interim results for the 6-months ended 31 Dec 2024
24/03/2025 07:00
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RNS Number : 7584B Goldplat plc 24 March 2025
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
24 March 2025
Goldplat plc
('Goldplat' or the 'Company')
Interim results for the six-month period ended 31 December 2024
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
2024 ('H1 2024').
Goldplat continued to achieve profitable results for H1 2024. Highlights
include:
· Strong operating profit for H1 2024 of £2,635,000 (H1 2023:
£2,967,000);
· Revenue decreased by 20.9% to £29,596,000 (H1 2023:
£37,402,000), with the Ghanaian recovery operations recording a decrease in
revenue of 30.3% due to the recent business model change where they are
required to beneficiate all concentrates into doré gold bars in country as
well as the impact of the Precious Metals Marketing Company ("PMMC")
disruption in December;
· Net profit from continued operations attributable to owners of
the company grew 20.2% to £1,407,000 (H1 2023: £1,171,000);
· Fully diluted earnings per share for the six-month period
increased by 18.6% to 0.83 pence per share (H1 2023: 0.70 pence per share);
· The group net cash balance remained strong at £2,769,000 (30
June 2024: £3,886,000); and
· During the period the Company spent £861,480 (H1 2023:
£793,084) on capital expenditure, mainly on increasing plant capacity and to
enable the recovery of gold from concentrate on site in Ghana.
Werner Klingenberg, CEO of Goldplat commented: "I am pleased with the
continued strong operating results achieved by the group, considering the team
implemented several new processes and procedures in a short period of time to
focus the business on local beneficiation in Ghana and on streamlining the
operations in South Africa due to lower visibility of supply of material."
For further information visit www.goldplat.com, follow on X @GoldPlatPlc or
contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / Samantha Harrison / Ciara Donnelly Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
James Bavister / Andrew de Andrade Zeus (Broker) Tel: +44 (0) 203 829 5000
Tim Thompson / Mark Edwards / Fergus Mellon Flagstaff Strategic and Investor Communications Tel: +44 (0) 207 129 1474
goldplat@flagstaffcomms.com
Chairman's Statement
Goldplat plc's precious metals processing facilities combined continued to
achieve credible trading results for the half year ended 31 December 2024.
Looking at the trading results of Goldplat plc ("the Company" or "Goldplat")
and its subsidiaries, together referred to as "the Group", operating profit
for the half year was £2,635,000 (H1 2023: £2,967,000). The decrease was
driven by a decrease in revenue of 20.87% to £29,596,000 (H1 2023:
£37,402,000) as a result of a reduction in gold production, specifically in
Ghana due to the recent business model change where they are required to
beneficiate all concentrates into doré gold bars in country as well as the
impact of the PMMC disruption in December and a reduction in supply in South
Africa, specifically by products, slightly offset by an increase in gold
price.
The decrease in revenue together with the Ghanaian operation going through a
business model change resulting in concentrates no longer being exported and
prefinanced, resulted in a significant decrease in interest paid which
amounted to £339,000 (H1 2023: £827,000) on the pre-financing of material
sent to smelters.
The foreign exchange loss of £476,000, an increase of £20,000 from H1 2023,
was mainly due to the Ghana Cedi weakening by 5% against the United States
Dollar between July and December 2024.
Net interest paid of £332,000 includes £7,600 (H1 2023: £69,300) interest
paid to Nedbank on the repayment of loan incurred to repurchase minority
shares in South Africa. As at the end of December 2024, the loan had been
repaid in full.
Profit after tax increased to £1,478,000 (H1 2023: £1,169,000) and an
all-in, fully diluted EPS for the half year of 0.83 pence (H1 2023: 0.70
pence).
To ensure the repayment of intercompany debt owed by the Group to GPL, a total
dividend of £660,000 has been declared by GPL during the period of which
£188,000 has been repaid to GPL.
Working capital
Goldplat Gold Goldplat
Recovery
Recovery Ghana
Group
31 Dec 24 30 Jun '24 31 Dec '24 30 Jun '24 31 Dec '24 30 Jun '24
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Inventory 2,940 3,789 11,379 8,184 15,056 12,084
Trade and other receivables 6,462 8,197 742 13,193 7,391 21,704
Trade and other payables 4,773 5,236 7,620 19,757 13,726 25,944
Cash and cash equivalents 1,023 (101) 1,641 3,886 2,769 3,886
Cash and cash equivalents at the end of the period decreased to £2,769,000
(30 June 2024: £3,886,000). During the period, mainly as a result of the
business model change for Ghana as well as the impact of the PMMC disruption,
inventory increased to £15,056,000 (30 June 2024: £12,084,000) of which
£3,195,000 of the increase relates to Ghana.
Trade and other receivables as well as trade and other payables both decreased
from 30 June 2024. This was mainly due to the finalisation of material at the
smelters and Ghana no longer exporting concentrates to the smelters in Europe
and rather producing doré gold bars in country which are processed and sold
within 2 weeks, which is lower than the turnaround of circa 4 months in the
past. Suppliers of material are therefore also being settled quicker than in
the past.
Goldplat Recovery (Pty) Ltd
Although there was a reduction in gold production in South Africa due to a
decrease in supply, specifically of by-products, revenue increased by 8.57% to
£10,367,000 (H1 2023: £9,549,000) as a result of an increase in the gold
price. The operating profit for the period increased to £883,000 (H1 2023:
£300,000).
We continue 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. The
visibility of supply of low-grade soils for our milling circuits remains
strong, with more than 12 months of material for processing on site and more
under contract.
We are focussing on the work required to commence the processing of our old
tailings facility which has a JORC (2012) Resource of 81,959 ounces, at a DRD
Gold process facility.
The processing of the old TSF remains dependent on the approval of the water
use license by local authorities and approval from third parties in certain
areas for the installation of a pipeline to the DRD Gold processing facility.
We also still need to agree commercials terms with DRD Gold based on test work
and analysis which is ongoing. There have been several engagements with all
parties involved and good progress has been made, with the aim of getting all
approvals completed by December 2025. Phase 1 of the water use license has
been submitted for approval.
Gold Recovery Ghana
Ghana experienced a difficult half year as the operation transitioned into the
only local gold by‑product beneficiation provider in Ghana. We have invested
circa £900,000 so far this financial year to increase capacity in the
short-term, after approval from the authorities was obtained for the
expansion. We expect to spend a further £250,000 over the next 6 months. This
investment is required to increase plant capacity and to increase the recovery
of gold from concentrate on site.
As a result of the delay in the export of doré bars in December and recent
business model change, half year revenue decreased to £18,614,000 (H1 2023:
£26,711,000) and net operating profit decreased by 27.4% to £2,153,000
(H1 2023: £2,966,000).
There has been an increase in inventory value on site which has been driven by
a good supply of material from our current customer base and healthy stock
levels before the transition started. Through investment in plant capacity and
changes at our operations, we believe these levels should normalise over the
next quarter.
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 £72,000 for land in Brazil
and plan to make a further investment of £200,000 in the next 6 - 12 months
to install a spiral plant and other basic equipment to assist in cleaning and
upgrading the material we source in South America.
Outlook
Our focus during the year has been, and will continue to be:
• to open up and expand our market share in West Africa and into the
rest of Africa;
• to develop land acquired in Brazil, and expand our service
delivery, specifically on lower grade material in Brazil and elsewhere in
South America;
• expand local beneficiation in Ghana;
• increase our market share in South Africa and increase our client
base in neighbouring countries;
• to reduce the cost of production, specifically on our CIL circuits
in South Africa;
• to agree commercial terms on the reprocessing of the TSF with
DRDGOLD and finalise the regulatory requirements to allow us to pump material
through a pipeline to the DRDGOLD facility; and
• leveraging our strength and capabilities through the processing of
other precious metals and commodities.
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 Kisbey Green
Chairman
24 March 2025
Statements of Financial Position
Figures in £'000 Notes Unaudited Group Audited Unaudited Group
Group
31 December 2024
31 December 2023
30 June
2024
Assets
Non-current assets
Property, plant and equipment 4 6,073 5,481 5,944
Right-of-use assets 853 1,004 324
Intangible assets 5 4,664 4,664 4,664
Investments in subsidiaries, joint ventures and associates 6 1 1 1
Unlisted Investments 1 1 80
Receivable on Kilimapesa sale 7 608 610 571
Other loans and receivables 8 148 159 149
Total non-current assets 12,348 11,920 11,733
Current assets
Inventories 9 15,056 12,084 13,464
Trade and other receivables 10 7,391 21,704 21,449
Receivable on Kilimapesa sale 7 106 104 30
Other loans and receivables 8 21 21 19
Cash and cash equivalents 11 2,772 4,108 1,762
Total current assets 25,346 38,021 36,724
Total assets 37,694 49,941 48,457
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 17,937 16,530 3,499
Foreign exchange reserve (10,568) (10,436) (9,315)
Total equity attributable to owners of the parent 20,662 19,387 17,477
Non-controlling interests 1,016 1,080 962
Total equity 21,678 20,467 18,439
Liabilities
Non-current liabilities
Provisions 13 723 742 760
Deferred tax liabilities 604 616 540
Lease liabilities 373 518 52
Total non-current liabilities 1,700 1,876 1,352
Current liabilities
Provisions 13 - 329 57
Trade and other payables 14 13,726 25,944 27,616
Current tax liabilities 302 394 27
Current portion of long-term borrowings 15 - 296 767
Lease liabilities 285 413 126
Bank overdraft 11 3 222 73
Total current liabilities 14,316 27,598 28,666
Total liabilities 16,016 29,474 30,018
Total equity and liabilities 37,694 49,941 48,457
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 Unaudited Audited Unaudited
Group Group Group
6 month 12 month 6 month
period ended period ended period ended
31 December 30 June 31 December
2024 2024 2023
Revenue 29,596 72,691 37,402
Cost of sales (25,240) (59,848) (32,905)
Gross profit 4,356 12,843 4,497
Other income 83 38 (6)
Administrative expenses (1,804) (3,110) (1,524)
Profit from operating activities 2,635 9,771 2,967
Finance income 64 102 25
Finance costs (397) (1,822) (913)
Foreign exchange (476) (2,058) (456)
Profit before tax 1,826 5,993 1,624
Income tax expense 16 (348) (1,671) (455)
Profit for the period 1,478 4,322 1,169
Profit for the period attributable to:
Owners of Parent 1,407 4,208 1,171
Non-controlling interest 71 114 (2)
1,478 4,322 1,169
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
(Losses)/gains on exchange differences on translation (132) (1,081) 86
Total Exchange differences on translation (132) (1,081) 86
Exchange differences relating to the
non-controlling interest
(Losses)/gains on exchange differences on translation (74) 38 24
Total other comprehensive income that will be reclassified to profit or loss (206) (1,043) 110
Total other comprehensive (expense)/income net of tax (206) (1,043) 110
Total comprehensive income 1,272 3,279 1,279
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent 1,275 3,128 1,258
Comprehensive income, attributable to (3) 151 21
non-controlling interests
1,272 3,279 1,279
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 0.84 2.51 0.70
Diluted earnings per share
Diluted earnings per share 17 0.83 2.49 0.70
The notes below are an integral part of this condensed consolidated interim
financial report.
Statements of Changes in Equity - Group
Figures in £'000 Share Share Capital Foreign Retained Attributable Non- Total
Capital premium Redemption exchange income to owners of the controlling
reserve reserve parent interests
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 year - - - - 4,208 4,208 114 4,322
Other comprehensive income - - - (1,081) - (1,081) 38 (1,043)
Increase/(decrease) due to adjustments - - - 46 (6) 40 - 40
Total comprehensive income for the period - - - (1,035) 4,202 3,167 152 3,319
Non-controlling interests in subsidiary dividend - - - - - - (105) (105)
Audited Balance at 30 June 2024 1,678 11,562 53 (10,436) 16,530 19,387 1,080 20,467
Figures in £'000 Share Share Capital Foreign Retained Attributable Non- Total
Capital premium Redemption exchange income to owners controlling
reserve reserve of the interests
parent
Balance at 1 July 2024 1,678 11,562 53 (10,436) 16,530 19,387 1,080 20,467
Changes in equity
Profit for the period - - - - 1,407 1,407 71 1,478
Other comprehensive income - - - (132) - (132) (74) (206)
Total comprehensive income for the period - - - (132) 1,407 1,275 (3) 1,272
Non-controlling interests in subsidiary dividend - - - - - - (61) (61)
Unaudited Balance at 31 December 2024 1,678 11,562 53 (10,568) 17,937 20,662 1,016 21,678
The notes below are an integral part of this condensed consolidated interim
financial report.
Statements of Cash Flows
Figures in £'000 Notes Unaudited Audited Unaudited
Group Group Group
6 month 12 month 6 month
period ended period ended period ended
31 December 30 June 31 December
2024 2024 2023
Net cash flows from operations 745 4,629 1,489
Finance cost paid (106) (128) (888)
Finance income received 9 21 -
Income taxes paid (450) (650) (380)
Net cash flows from operating activities 198 3,872 221
Cash flows used in investing activities
Acquisition of investments - - (17)
Loan issued to Green Coal Technologies - (16) -
Proceeds from sales of property, plant and equipment - 4 -
Purchase of property, plant and equipment (861) (923) (793)
Cash flows used in investing activities (861) (935) (810)
Cash flows used in financing activities
Repayment of capital portion of interest-bearing borrowings (296) (909) (445)
Principal paid on lease liabilities (273) (259) (57)
Payment of dividend to non-controlling interest (61) (105) (93)
Cash flows used in financing activities (630) (1,273) (595)
Net (decrease)/increase in cash and cash equivalents (1,293) 1,664 (1,184)
Cash and cash equivalents at beginning of the period 3,886 2,781 2,782
Foreign exchange movement on opening balance 176 (559) 91
Cash and cash equivalents at end of the period 11 2,769 3,886 1,689
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 2024 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 for Companies and in
accordance with the accounting policies of the consolidated financial
statements for the year ended 30 June 2024. 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
consolidated financial statements have been prepared in accordance with
UK-adopted International Accounting Standards ("IAS") and the Companies Act
2006 as applicable to entities reporting in accordance with IAS; as applicable
to entities reporting in accordance with IFRS.
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 2024.
4. Property, plant and equipment
During the six months ended 31 December 2024, the Group acquired assets with a
cost, excluding capitalised borrowing costs, of £861,480 (six months ended 31
December 2023: £793,084; twelve months ended 30 June 2024: £923,000).
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 2024 the goodwill balance
has not been impaired (six months ended 31 December 2023: £nil; twelve months
ended 30 June 2024: £nil).
6. Investments in subsidiaries, joint ventures and associates
The amounts included on the statements of financial position comprise the
following:
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
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 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Non-current assets 608 610 571
Current assets 106 104 30
714 714 601
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.
Included in the sales price of Kilimapesa is USD1,500,000 in future royalties
based on the amount of gold sold by the purchaser.
The amount of gold ounces sold will be dependent on various factors including
capital allocation, production and sales scheduling and capital availability
on Kilimapesa mine. We used forecasts available in the market as at end of the
year but actual results might vary.
8. Other loans and receivables
Other loans and receivables comprise the following balances:
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Aurelian Capital Proprietary Limited 154 164 168
Green Coal Technologies receivable 15 16 -
169 180 168
The R6 million Aurelian vendor loan receivable has no fixed payment terms and
is interest free. The 60 shares to which the loan relates are held by an agent
in an escrow account. Title to the shares will only be released once the
residual shares consideration has been discharged in full. The consideration
for the shares is to be received in the form of distributions to be made and
withheld by the company in lieu of the loan.
9. Inventories
Inventories comprise:
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Raw materials 1,965 1,874 2,362
Consumable stores 1,353 1,172 940
Precious metals on hand and in process 11,738 9,039 10,162
15,056 12,084 13,464
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 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Trade receivables 4,624 19,668 19,925
Provision for impairment of receivables (28) (28) (19)
Trade receivables - net 4,596 19,640 19,906
Sundry debtors 1 1 1
Prepaid expenses 43 29 59
Other receivables 2,541 1,858 1,335
Value added tax 210 176 148
7,391 21,704 21,449
11. Cash and cash equivalents
11.1 Cash and cash equivalents included in current assets:
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Cash
Balances with banks 2,772 4,108 1,762
11.2 Overdrawn cash and cash equivalents included in current liabilities
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Bank overdrafts (3) (222) (73)
12. Share capital
Authorised and issued share capital
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
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 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Environmental obligation 723 742 760
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.
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Other provisions - 329 57
Total provisions 723 1,071 817
Other provisions relate to certain tax claims in the Group subsidiaries. The
Group was involved in a process of arbitration dispute resolution ("ADR") in
Kenya with respect to a claim that has been brought forward against Kilimapesa
Gold (Pty) Limited, a subsidiary of Caracal Gold Plc ("Caracal Gold"), as
agent of Gold Minerals Resources Limited ("subsidiary of Goldplat Plc"),
regarding the sale of Kilimapesa by Gold Minerals Resources Limited to Caracal
Gold. Per the ADR, the Company has agreed to settle USD320,000 in 3
instalments. The final instalment was paid on 15 November 2024.
14. Trade and other payables
Trade and other payables comprise:
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Trade creditors 3,179 5,643 4,810
Anumso license accrual 369 369 369
Accrued liabilities 8,334 5,431 10,603
Invoice financing creditor 1,844 14,501 11,834
Total trade and other payables 13,726 25,944 27,616
15. Long term borrowings
During 2022, through GPL, the Group entered into a ZAR denominated bank
facility of ZAR 60 million (approximately GBP3.02 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. The facility was repaid in full by October 2024.
Long term borrowings comprise:
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
Nedbank - 296 767
Current portion of long term borrowings - 296 767
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 7.73% (six months ended
31 December 2023: 20.5%), GRG was 15% (six months ended 31 December 2023: 15%)
and the withholding tax rate on dividends declared was 5% (six months ended 31
December 2023: 5%).
17. Earnings per share
Basic earnings per share
Figures in £'000 Unaudited Audited Unaudited
Group
Group
Group
30 June
31 December
31 December
2024
2024 2023
The earnings and weighted average number of ordinary shares used in the
calculation of basic earnings per share are as follows:
Profit for the period attributable to owners of the company 1,407 4,208 1,171
Earnings used in the calculation of basic earnings per share for continuing 1,407 4,208 1,171
operations
Weighted average number of ordinary shares used in the calculation of basic 167,783 167,783 167,783
earnings per share ('000s)
Weighted average number of ordinary shares used in the calculation of diluted 169,340 169,235 168,438
earnings per share ('000s)
18. Segment information
18.1 Segment revenues
Figures in £'000 Total segment
revenue
Period ended 31 December 2024
South African Recovery Operations 10,367
West African Recovery Operations 18,614
South American Recovery Operations 616
Administration and Other -
Group revenue 29,596
Period ended 30 June 2024
South African Recovery Operations 19,342
West African Recovery Operations 53,555
South American Recovery Operations 1,721
Administration and Other (1,927)
Group revenue 72,691
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
37,402
18.2 Other incomes and expenses
Figures in £'000 Depreciation Finance Finance income Segment Taxation
cost profit/
(loss)
before tax
Period ended 31 December 2024
South African Recovery Operations (305) (126) 113 832 (76)
West African Recovery Operations (70) (620) (78) 1,456 (249)
South American Recovery Operations - (0) (1) 163 (37)
Administration - (54) (35) 409 (315)
Intercompany trade and consolidation journals - 79 (49) (1,034) 329
Total other incomes and expenses (375) (721) (50) 1,826 (348)
Period ended 30 June 2024
South African Recovery Operations (538) (523) 220 1,308 (96)
West African Recovery Operations (132) (3,305) 27 5,234 (1,254)
South American Recovery Operations - (19) - 93 (28)
Administration - (143) (33) 617 (51)
Intercompany trade and consolidation journals - 122 (125) (1,259) (242)
Total other incomes and expenses (670) (3,867) 88 5,993 (1,671)
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)
Intercompany trade and consolidation journals - 1 (66) (979) 30
Total other incomes and expenses (270) (1,448) 104 1,624 (455)
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