Business
4th Quarter Operating Results
4th Quarter Operating Results.
About this update from Goldplat Plc
[{"type":"text","content":"\n\nGoldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration\n15 August 2023\nGoldplat plc\n('Goldplat' or the 'Company')\n4th Quarter Operating Results update for period ended 30 June 2023\nGoldplat 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 an operational update for the 4th quarter ended 30 June 2023 (\"Q4\"), of the financial year just ended.\nThe South African operational results for the period continued to be impacted by electricity cuts and infrastructure related issues. In addition, the Ghana operation could not capitalise on its continued strong production profile as it could only start exporting material produced during Q3 and Q4 towards the end of Q4, resulting in minimal sales during the quarter.\nAs a result the two recovery operations achieved combined operating profit for the quarter of £1,188,000 (excluding listing and head office costs, interest and foreign exchange losses), comprising operating performances in South Africa of £750,000 (Q4 2022 - £1,237,000) and in Ghana of £438,000 (Q4 2022 - £1,810,000, which included gains as a result of movements in the GHS against the USD of circa £1 million, with exchange losses of circa £1 million recorded below the line). \nDespite the reduced operating performance in Q4, the operating entities delivered a strong combined operating profit performance for the year of £6,028,000 (FY 2022 - £9,070,000) and the Company expects net profit before tax to exceed market expectations for the 2023 financial year.\nThe following events have contributed to the reduced Q4 operating results:\nGold Recovery Ghana\n· Although the license was approved by Minerals Commission of Ghana and signed by regulated authorities during Q4, it did not provide sufficient time to sell and realise margins locked up in inventory at the end of the year. During the period supply from clients and production remained strong and we expect a higher than usual sales volume during Q1 of the 2024 financial year. \n \n· The supply of material from South America and Ghana has remained steady and we continue to have positive engagements with clients in South ...