Jubilee Metals Group PLC on Monday reported higher interim profit, amid a ‘strong’ performance across all its operations.

The London-based metal processing company, with projects in South Africa and Zambia, reported a 2.3% rise in pretax profit to £4.4 million for the six months that ended December 31 from £4.3 million a year earlier.

Over this period, the first half of Jubilee’s financial year, revenue grew by 18% to £74.7 million from £63.1 million, lifting earnings before interest, tax, depreciation and amortisation to £11.7 million, up 14% from £10.3 million.

Copper cathode and copper in concentrate production surged 47% to 1,683 tonnes from 1,149 tonnes, while chrome concentrate output was up 7.4% to 718,189 tonnes from 668,809 tonnes. Platinum group metals production jumped 11% to 20,244 ounces from 18,208 ounces.

Jubilee described its performance across all operations in the first half as ‘strong’.

Earnings per share rose to 0.16 pence from 0.15p, while headline EPS fell to 0.06p from 0.13p. EPS included gains on fair value adjustments amounting to £2.8 million.

For the full 2024 financial year, Jubilee expects copper production at 5,850 tonnes, pending the timely commissioning of the front-end upgrade of its Roan project, compared to 2,728 tonnes in 2023. Chrome operations is expected to exceed guidance of 1.45 million tonnes from 1.28 million tonnes, while PGM output is guided to 42,000 ounces from 42,433 ounces.

Jubilee Metals aims to expand copper operations to exceed 25,000 tonnes a year, pinning its hopes on the upgrade of the Sable refinery and the Roan concentrator, and the Munkoyo project, whose first test material delivery is scheduled in fourth quarter of 2024 financial year.

Shares in Jubilee were up 7.2% to R 1.34 in Johannesburg early Monday. They were up 1.2% at 5.26 pence in London.

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