Pan-Af final results June 2018

Revenue for the year decreased to GBP108.5 million (2017: GBP125.1 million), mining profit dropped to GBP23.9 million (2017: GBP43.2 million), loss attributable to owners of the parent came in at GBP93.3 million (2017: profit of GBP17.9 million), while headline earnings per share from continuing operations lowered to GBP1.08 pence per share (2017: GBP2.24 pence per share).

Given all the difficulties Pan-Af experienced in the past year, the board elected not to recommend a final dividend for the 2018 financial year.

Company outlook
Key focus areas for the 2019 financial year include:
- continuing to improve our safety performance, and environmental, social and governance compliance across operations;
- delivering into the gold production guidance of approximately 170,000oz;
- ensuring Elikhulu delivers to expectation and incorporating ETRPÆs throughput into Elikhulu's processing capacity;
- increase the statement of financial position flexibility and capacity;
- focus on growth opportunities such as:
-- The Royal Sheba Project
-- Evander Mines' 8 Shaft pillar project
-- Evander Mines' Egoli Project
-- Barberton Mines' sub-vertical shaft
- Re-initiate dividend payments

The group continues to evaluate acquisitive opportunities, particularly within other African jurisdictions, in accordance with its rigorous capital allocation criteria.

I would like to thank my fellow board members for their guidance, support and insight during the past financial year. Further, a sincere thanks to the executive management team and all employees, who continued to show commitment and dedication during this challenging period.

Finally, to our stakeholders, thank you for your ongoing support of Pan African Resources. While times may be marked by turbulence and volatility, we believe the group, with its current strategic direction, is well positioned to maximise value for our shareholders and our other stakeholders in the year ahead and well into the future.

2018-09-19 08:58:28