Business
Half Year 2014 Results
Half Year 2014 Results.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 5665P Gem Diamonds Limited 20 August 2014 \n\n20 August 2014\nGEM DIAMONDS HALF YEAR 2014 RESULTS \n \nOperational performance and project delivery drives excellent H1 results\nGem Diamonds Limited (LSE: GEMD) (\"Gem Diamonds\", the \"Company\" or the \"Group\") today announces its half year results for the six months ending 30 June 2014 (\"H1 2014\" or \"the Period\").\n \nFINANCIAL RESULTS:\nExcellent financial performance with significant growth in revenue, strong cash flow further enhancing the balance sheet and on track to consider declaring a maiden dividend for 2014 financial year\n· Revenue of US$148.9 million, up 54% (US$96.5 million in H1 2013).\n· Underlying EBITDA of US$62.2 million, up 87% (US$33.2 million in H1 2013).\n· Attributable profit of US$19.7 million, up 129% (US$8.6 million in H1 2013).\n· Basic EPS of 14.28 US cents, up 129% (6.23 US cents in H1 2013).\n· Cash on hand of US$113.9 million as at 30 June 2014 (US$98.4 million attributable to Gem Diamonds).\n \nOPERATIONAL RESULTS: \nExtremely strong operational performance with continued focus on process improvements and growth projects set to unlock further value\n \nLetšeng:\n· Carats recovered of 54 678, up 29% (42 268 carats in H1 2013).\n· Average value of US$2 747* per carat achieved for the first five tenders of 2014, up 58% (US$1 741* per carat in H1 2013).\n· 3 diamonds greater than 100 carats recovered - a 162.02 carat, a 161.31 carat and a 132.55 carat, achieving a total sales value of US$21.0 million.\n· Ore treated of 3.2 million tonnes, up 6% (3.0 million tonnes in H1 2013).\n· Waste tonnes mined of 10.0 million tonnes, up 2% (9.9 million tonnes in H1 2013).\n*Includes carats extracted for polishing at rough valuation.\nGhaghoo:\n· The Phase 1 capital project completed on time and on budget.\n· Processing plant being commissioned, with 2 400 carats recovered as at end of June 2014.\n· Development of three production tunnels on Level 1 underway.\n· Production build-up underway.\nCommenting on the results today, Clifford Elphick, Chief Executive of Gem Diamonds, said:\n\"The first half of 2014 was a very strong start to the year for Gem Diamonds with an exceptional performance at Letšeng. The o...