Interim Results for the 6 months ended 31 Dec 2016

About this update from Pan African Resources Plc

[{"type":"text","content":"\n \nPan African Resources PLC\n\n('Pan African Resources' or the 'company' or the 'group')\n\n(Incorporated and registered on 25 February 2000 in England and Wales under the Companies Act 1985, registration number 3937466)\n\n\n\nShare code on AIM\n: PAF\n\n\n\nShare code on JSE\n: PAN\n\n\n\nISIN\n: GB0004300496\n\n\n\nInterim unaudited results for the six months ended 31 December 2016\n\nCobus Loots, CEO of Pan African Resources commented:\n\n“Pan African Resources generated higher earnings, revenues and a record dividend pay-out of R300 million (GBP17.1 million), despite lower production from our gold operations. The Elikhulu Tailings Retreatment Project (‘Elikhulu’), which was approved by the Pan African Resources Board during the period under review, will provide organic production growth of approximately 56,000oz of gold per annum, and also reduce the overall cost profile of our operations. Elikhulu reflects Pan African Resource’s strategy of delivering long-life, low cost quality production ounces, with the focus of generating attractive returns for our shareholders.”\n\n“Transactions completed in the prior financial year have positively impacted results in the current reporting period and have been extremely value accretive. The PAR Gold Proprietary Limited (‘PAR Gold’) acquisition enhanced earnings per share by 17.7%. Uitkomst Colliery contributed R21.3 million, or 8.5%, towards the group’s profit after taxation.”\n\n“Our immediate focus is to recommence the Evander Mines underground mining operations, following the temporary suspension of mining to refurbish critical infrastructure, and to finalise the Elikhulu funding package.”\n\nKey features reported in South African Rand (‘ZAR or R’) and Pound Sterling (‘GBP’)\n\nFinancial key features\n\n\nThe group’s profit after taxation in ZAR terms increased by 9.8% to R249.8 million (2015: R227.6 million), while in GBP terms, the group’s profit after taxation increased by 28.4% to GBP14.0 million (2015: GBP10.9 million).\n\nEarnings per share (‘EPS’) increased by 33.4% to 16.58 cents per share (2015: 12.43 cents per share), while in GBP terms, EPS increased by 55.0% to 0.93 pence per share (2015: 0.60 pence per share).\n\nGroup revenue increased by 19.2% to R1,878.2 million (2015: R1,575.4 million) and, in GBP terms, group revenue incr...

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