Tirupati Graphite PLC on Thursday said that its performance has significantly improved as it eyed development opportunities in Africa.

The London-based natural flake graphite producer which has operations in Madagascar and Mozambique said in the six months to September 30, performance was ‘significantly ahead’ annually. Revenue more than doubled to £3.1 million from £1.2 million, while production jumped to 4,508 tonnes from 1,731 a year before.

It added that operations at its mine and plant have been running uninterrupted at a consistent rate since the the start of the month.

Executive Chair Shishir Poddar said: ‘We have been constrained by working capital limitations but the debt markets are getting increasingly buoyant for critical mineral development opportunities in Africa. Our advanced stage into production and growing financial outcomes are handy in dealing with interested institutions.’

He added: ‘We are confident that our efforts will be recognised by the markets as we continue our progress, and the boost in graphite demand expected to result in a significant supply deficit in the near term will be an eye opener for increased investment interest in this critical mineral.’

Tirupati Graphite shares fell 17% to 14.10 pence each on Thursday morning in London.

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