Aim-listed Goldplat has reported that it continued to achieve profitable results for the six months ended December 31.

The company has reported a strong operating profit for the period of £2.64-million, compared with the prior comparable period of £2.97-million.

Revenue decreased by 20.9% to £29.6-million, with the Ghanaian recovery operations recording a decrease in revenue of 30.3% owing to the recent business model change where the company is required to beneficiate all concentrates into doré gold bars in country, as well as the impact of the Precious Metals Marketing Company disruption in December.

The company notes that the decrease in revenue, together with the Ghanaian operation going through a business model change resulting in concentrates no longer being exported and prefinanced, resulted in a significant decrease in interest paid which amounted to £339 000 on the pre-financing of material sent to smelters.

Net profit from continued operations attributable to owners of the company grew 20.2% to £1.407-million, while profit after tax increased to £1.48-million.

Fully diluted earnings per share for the six-month period increased by 18.6% to 0.83p a share.

The group net cash balance remained strong at £2.77-million, compared with  £3.89-million for the period ended June 30, 2024.   

During the period the company spent £861 480 on capital expenditure, mainly on increasing plant capacity and to enable the recovery of gold from concentrate on site in Ghana.

Moreover, to ensure the repayment of intercompany debt owed by the group to Goldplat Recovery Limited (GPL), a total dividend of £660 000 has been declared by GPL during the period, of which £188 000 has been repaid to GPL.

"I am pleased with the continued strong operating results achieved by the group, considering the team implemented several new processes and procedures in a short period of time to focus the business on local beneficiation in Ghana and on streamlining the operations in South Africa due to lower visibility of supply of material,” says CEO Werner Klingenberg.