Business
Trading Statement for 6 months ended 31 Dec 2022
Trading Statement for 6 months ended 31 Dec 2022.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n \n \n Pan African Resources PLC\n (Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)\n Share code on AIM: PAF\n Share code on JSE: PAN\n ISIN: GB0004300496\n ADR ticker code: PAFRY\n (“Pan African” or the “Company” or the “Group”)\n Pan African Resources Funding Company Limited\n Incorporated in the Republic of South Africa with limited liability\n Registration number: 2012/021237/06\n Alpha code: PARI\n \n \n (Key features are reported in United States dollar (US$) and South African rand (ZAR))\n TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2022 (CURRENT REPORTING PERIOD)\n In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least 20% from those of the six months ended 31 December 2021 (Corresponding Reporting Period).\n Pan African’s presentation currency is the United States dollar (US$). The US$/ZAR exchange rate affects the reporting of the Group’s results in US$. The average US$/ZAR exchange rate is used in translating ZAR financial performance into US$.\n During the Current Reporting Period, the average US$/ZAR exchange rate was US$/ZAR:17.33 (2021: US$/ZAR:15.04), and the closing US$/ZAR exchange rate as at 31 December 2022 was US$/ZAR:17.01 (2021: US$/ZAR:16.00).\n The year-on-year change in the average and closing exchange rates of 15.2% and 6.3%, respectively, must be considered when comparing period-on-period results. The weighted average number of outstanding shares as at 31 December 2022 was 1,916,503,988 shares (2021: 1,928,329,479 shares).\n Pan African advises shareholders that its headline earnings per share (HEPS) and earnings per share (EPS) for the Current Reporting Period are expected to be between US 1.40 cents per share and US 1.64 cents per share, compared to US 2.39 cents per share for the Corresponding Reporting Period, a decrease of between 31% and 41%.\n The decreases in EPS and HEPS for the Current Reporting Period, relative to the Corresponding Reporting Period, are largely as a result of an 19.2% decrease in gold revenue to US$156.5 million (2021: US$193.6 m...