Source - LSE Regulatory
RNS Number : 0602I
Goldplat plc
25 March 2024
 

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration

25 March 2024

Goldplat plc

('Goldplat' or the 'Company')

Interim results for the six-month period ended 31 December 2023

Goldplat Plc, (AIM:GDP) the AIM listed Mining Services Group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, is pleased to announce its unaudited interim results for the six months ended 31 December 2023 ('H1 2023').

Goldplat continued to achieve profitable results for H1 2023. Highlights include:

·      Strong operating profit for H1 2023 of £2,967,000 (H1 2022: £2,813,000), which is particularly gratifying considering the circumstances noted below;

·      Revenue increasing by 82% to £37,402,000 (H1 2022: £20,597,000), with the Ghanaian recovery operations recording an increase in revenue of 167% and the South African operations a decrease in revenue of 9% respectively;

·      A net profit from continued operations attributable to owners of the company of £1,171,000 (H1 2022: £1,742,000);

·      Fully diluted earnings per share for the six-month period was 0.70 pence per share (H1 2022: 1.02 pence per share);

·      The group net cash balance remained strong at £1,689,000 (30 June 2023: £2,782,000); and

·      During the period the Company spent £793,000 (H1 2022: £802,000) on capital expenditure, mainly on construction of a new tailings storage facility ('TSF') in South Africa and refurbishment of one of the circuits.

Werner Klingenberg, CEO of Goldplat commented: "I am pleased with the continued strong operating results achieved by the group, considering some of the difficult circumstances we've experienced during the first half of the year in South Africa."

For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:

Werner Klingenberg

Goldplat plc

(CEO)

Tel: +27 (0) 82 051 1071

Colin Aaronson / Samantha Harrison / Enzo Aliaj

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

James Bavister / Andrew de Andrade

WH Ireland Limited

(Broker)

Tel: +44 (0) 207 220 1666

Tim Thompson / Mark Edwards / Fergus Mellon

Flagstaff Strategic and Investor Communications

Tel: +44 (0) 207 129 1474

goldplat@flagstaffcomms.com



 

Chairman's Statement

I am pleased to report on positive results from our gold recovery operations, with operating profit for the half year of £2,967,000 (H1 2022: £2,813,000). This was on the back of revenue increasing by 82% to £37,402,000 (H1 2022: £20,597,000), with the Ghanaian recovery operations recording an increase in revenue of 167% and the South African operations a decrease in revenue of 9% respectively.

The increase in revenue in Ghana was mainly due to the quantity of high grade, low margin material sold during the period which had either built up due to delays in our exports while our export license was finalised during the 2nd half of the previous financial period or material only supplied during the period.

As a result of the 82% increase in revenue, the amount pre-financed during the 6-month period increased significantly. This together with a circa 3% increase in interest rates to circa 11% (an effective 38% increase), resulted in a significant increase in interest paid which amounted to £827,000 (H1 2022: £75,504).

The foreign exchange loss of £456,000, an increase of £334,000 from H1 2022, was mainly due to the Ghana Cedi weakening by 5% against the United States Dollar between July and December 2023.

Net interest paid of £888,000 (H1 2022: £202,000) includes £69,300 (H1 2022: £116,000) interest paid to Nedbank on the repayment of the loan incurred to repurchase minority shares in South Africa. As at the end of December 2023, the outstanding value of the loan with Nedbank was £767,000.

The decrease in the Group accrued tax expense is the result of a higher level of taxable income during the period in Ghana than in South Africa, where we are charged a beneficial rate of 15% due to Gold Recovery Ghana being part of the Free Zone Trade Area in Ghana.

As a result, net profit decreased to £1,169,000 (H1 2022: £1,839,000) and an all-in, fully diluted EPS for the half year of 0.70 pence (H1 2022: 1.02 pence).

To ensure the repayment of intercompany debt owed by the Group to GPL, a total dividend of £995,000 has been declared by GPL during the period of which £270,000 has been repaid to GPL.

Working capital

 

Goldplat
Recovery

Goldplat
Recovery Ghana

Goldplat
Group

 

31 Dec '23

30 Jun '23

31 Dec '23

30 Jun '23

31 Dec '23

30 Jun '23

 

£ '000

£ '000

£ '000

£ '000

£ '000

£ '000

Inventory

4 616

5 185

8 810

14 365

13 464

20 134

Trade and other receivables

6 134

14 744

14 935

14 438

21 449

29 205

Trade and other payables

5 701

13 679

20 772

28 193

27 616

43 196

Cash and cash equivalents

366

421

1 087

2 350

1 689

2 782

Cash and cash equivalents at the end of the period decreased to £1,689,000 (30 June 2023: £2,782,000). The decrease of £1,093,000 is largely because of a decrease in trade payables during the period.

During the period we reduced the level of built up inventory and trade and other receivables, with the cash received mainly used to settle amounts owed to inventory suppliers or the invoice financing creditor (refer note 14).

As indicated in the paragraph above, inventory decreased from 30 June 2023, by £6,670,000 of which £5,555,000 relates to the sale of built-up inventory in Ghana as explained above.

Trade and other receivables also decreased from 30 June 2023 by £7,756,000 due to the large volumes of sales made close to the end of the financial period, specifically in Ghana, being realised in the first half of the current financial year.

Goldplat Recovery (Pty) Ltd

Revenue in South Africa decreased by 9% to £9,549,000 (H1 2022: £10,460,000) due to production being impacted by electricity cuts by the electricity provider in South Africa as well as a reduction in by-products received from current mining operations due to changes in their production profile. As a result, the operating profit for the period reduced to £300,000 (H1 2022: £1,040,000).

As a result of delays experienced at the smelter in Europe in the previous financial year, South Africa's half year results were further materially impacted as an unusually large quantity of material for processing through gravity circuits was held in stock at the end of June 2023; this material contained a lower percentage of gold than estimated. While the percentage of contained gold varies from month to month, the unusually large quantity of material held in inventory meant that there was a disproportionate effect on the half year with a significantly lower quantity of gold than expected being recovered from our gravity circuits.

Apart from the circa £600,000 shortfalls experienced on the gravities, we continued to see a reduction in by-products received from current mining operations. The focus therefore remains to increase our by-product market share in South Africa and to gain access to neighbouring countries.

With the new TSF being commissioned, we are focussing on the work required to commence the processing of our old tailings facility which has a JORC Resource of 81,959 ounces, at a DRD Gold process facility. Total capital spent during H1 was £361,000 of which £319,000 was on the TSF.

We estimate that we will require a further £500,000 (not including £750,000 to be spent on the generators over the next 12 to 18 months) to be spent on repairing and maintaining current operations, on completing the TSF and improving the environmental impacts of our current operations. The company anticipates this to be funded from internally generated cashflow.

We are working with DRD Gold to find the most economical methods to reprocess the TSF and to receive environmental approval for a pipeline which will be required to transport material to one of their facilities for processing.

Gold Recovery Ghana

Ghana experienced an exceptional half year driven by strong supplies during the first half of the current financial year and the sale of inventory that built up as a result of delayed exports whilst our export license was finalised during the 2nd half of the previous financial period.

Ghana received the benefit during the period of good supply of material, with consignments treated from Ghana, Côte d'Ivoire and South America. Our focus remains on building on the momentum in South America and Côte d'Ivoire and opening other jurisdictions in West Africa.

As a result of this strong performance, the operating margin increased, in part the result of increased half year revenue of £26,711,000 (H1 2022: £10,007,000). Net operating profit increased by 50% to £2,966,000 (H1 2022: £1,982,000). During the period, GRG spent £432,000 on capital expenditure to expand processing capacity in the plant.

Based on the increase in the number of clients in South America, it has become more important to expand into South America and we will continue to do so on a measured basis. We made an initial investment of £7,000 and plan to make a further investment of £65,000 for property. Although we have identified the area, the negotiations for the property are still ongoing.

Outlook

The strategy of the Company, which also drives the key performance indicators of management, is to generate value for shareholders by creating sustainable cash flow and profitability through:

•      growing its customer base in Southern Africa, West Africa, South America and further afield;

•      forming strategic partnerships with other industry participants;

•      leveraging its role in the circular economy to diversifying into processing of platinum group metals ("PGM"), coal and other commodities contained in contaminated material;

•      ensuring the sustainability of its operations from an environmental, social and governance perspective; and

•      optimising the value to be extracted from the processing of its 2.2-million-ton, TSF.

Due to the continuing uncertainty of electricity supply in the medium term, we decided to invest in diesel generators which will be able to sustain operations in South Africa during electricity cuts as announced on 31 May 2023. During January, it became apparent that due to miscommunication between the supplier of the generators and the manufacturer, the shipping of the generators has been delayed and the project will only be completed in Q4 of the current financial year.

The Company will remain focused on sharing future cashflows with shareholders, specifically distributing surplus cash to shareholders where not required for growth in line with key initiatives or managing specific risks.

Gerard Kemp

Chairman

25 March 2024



 

Statements of Financial Position

 

 

Group

Group

Group

Figures in £ '000

Notes

31 December 2023

30 June
2023

31 December 2022

Assets





Non-current assets





Property, plant and equipment

4

5 944

5 265

5 111

Right-of-use assets


324

352

416

Intangible assets

5

4 664

4 664

4 664

Investments in subsidiaries, joint ventures and associates

6

1

1

1

Investments


80

63

145

Receivable on Kilimapesa sale

7

571

571

556

Other loans and receivables

8

149

145

183

Total non-current assets


11 733

11 061

11 076

Current assets





Inventories

9

13 464

20 134

13 648

Trade and other receivables

10

21 449

29 205

20 456

Current tax assets


-

58

-

Receivable on Kilimapesa sale

7

30

30

35

Other loans and receivables

8

19

19

-

Cash and cash equivalents

11

1 762

2 977

2 826

Total current assets


36 724

52 423

36 965

Total assets


48 457

63 484

48 041

Equity and liabilities


 

 

 

Equity





Share capital

12

1 678

1 678

1 678

Share premium

12

11 562

11 562

11 562

Capital Redemption Reserve

12

53

53

53

Retained income


13 499

12 328

11 272

Foreign exchange reserve


(9 315)

(9 401)

(7 311)

Total equity attributable to owners of the parent


17 477

16 220

17 254

Non-controlling interests


962

1 033

1 026

Total equity


18 439

17 253

18 280

Liabilities





Non-current liabilities





Provisions

13

760

743

778

Deferred tax liabilities


540

531

908

Long-term borrowings

15

-

285

865

Lease liabilities


52

37

54

Total non-current liabilities


1 352

1 596

2 605

Current liabilities


 

 

 

Provisions

13

57

207

207

Trade and other payables

14

27 616

43 196

25 535

Current tax liabilities


27

-

254

Current portion of long-term borrowings

15

767

898

978

Lease liabilities


126

139

181

Bank overdraft

11

73

195

1

Total current liabilities


28 666

44 635

27 156

Total liabilities


30 018

46 231

29 761

Total equity and liabilities


48 457

63 484

48 041

The notes below are an integral part of this condensed consolidated interim financial report.



 

Statements of Profit or Loss and Other Comprehensive Income

Figures in £ `000

Notes

Group

6 month

period ended
31 December
2023

Group
12 month

period ended
30 June
2023

Group

6 month

period ended
31 December 2022

Revenue


37 402

41 881

20 597

Cost of sales


(32 905)

(34 459)

(16 704)

Gross profit


4 497

7 422

3 893

Other income


(6)

(96)

-

Administrative expenses


(1 524)

(3 021)

(1 080)

Profit from operating activities


2 967

4 305

2 813

Finance income


25

68

8

Finance costs


(913)

(1 238)

(210)

Foreign exchange


(456)

289

(122)

Profit before tax


1 624

3 424

2 489

Income tax expense

16

(455)

(356)

(650)

Profit for the period


1 169

3 068

1 839

Profit for the period attributable to:





Owners of Parent


1 171

2 798

1 742

Non-controlling interest


(2)

270

97



1 169

3 068

1 839

Other comprehensive income net of tax





Components of other comprehensive income that will be reclassified to profit or loss





Exchange differences on translation relating to the parent





Gains / (losses) on exchange differences on translation


86

(3 231)

(1 135)

Total Exchange differences on translation


86

(3 231)

(1 135)

Exchange differences relating to the non-controlling interest





(Losses)/Gains on exchange differences on translation


24

(203)

(38)

Total other comprehensive income that will be reclassified to profit or loss


110

(3 434)

(1 173)

Total other comprehensive (expense)/income net of tax


110

(3 434)

(1 173)

Total comprehensive income


1 279

(366)

666

Comprehensive income attributable to:





Comprehensive income, attributable to owners of parent


1 258

(432)

606

Comprehensive income, attributable to non‑controlling interests


21

66

60



1 279

(366)

666

Earnings per share from continuing and discontinuing operations attributable to owners of the parent during the period





Basic earnings per share





Basic earnings per share

17

0.70

1.67

1.03

Diluted earnings per share





Diluted earnings per share

17

0.70

1.65

1.02

The notes below are an integral part of this condensed consolidated interim financial report.



 

Statements of Changes in Equity - Group

Figures in £ '000

 

Share Capital

Share premium

Share Redemption Reserve

Foreign
currency translation reserve

Retained income

Attributable to owners of the parent

Non-controlling interests

Total

Balance at 1 July 2022


1 678

11 562

53

(6 170)

9 530

16 653

1 150

17 803

Changes in equity










Profit for the year


-

-

-

-

2 798

2 798

270

3 068

Other comprehensive income


-

-

-

(3 231)

-

(3 231)

(203)

(3 434)

Total comprehensive income for the period


-

-

-

(3 231)

2 798

(433)

67

(366)

Non-controlling interests in subsidiary dividend


-

-

-

-

-

-

(184)

(184)

Balance at 30 June 2023


1 678

11 562

53

(9 401)

12 328

16 220

1 033

17 253

Balance at 1 July 2023


1 678

11 562

53

(9 401)

12 328

16 220

1 033

17 253

Changes in equity










Profit for the period


-

-

-

-

1 171

1 171

(2)

1 169

Other comprehensive income


-

-

-

86

-

86

24

110

Total comprehensive income for the period


-

-

-

86

1 171

1 257

22

1 279

Non-controlling interests in subsidiary dividend


-

-

-

-

-

-

(93)

(93)

Balance at 31 December 2023


1 678

11 562

53

(9 315)

13 499

17 477

962

18 439

 

Notes

12

12

12






The notes below are an integral part of this condensed consolidated interim financial report.



 

Statements of Cash Flows

Notes

Group
6 month
period ended
31 December 2023

Group
12 month
 period ended 30 June
2023

Group
6 month
period ended
31 December 2022

Net cash flows from operations


1 489

4 511

1 340

Finance cost


(888)

(521)

(324)

Finance income


-

-

-

Income taxes paid


(380)

(647)

(755)

Net cash flows from operating activities


221

3 343

261

Cash flows used in investing activities





Proceeds from sale of Caracal Gold


-

727

682

Acquisition of investments


(17)


(145)

Other cash payments to acquire equity or debt instruments of other entities


-

(126)

-

Proceeds from sales of property, plant and equipment


-

30

-

Purchase of property, plant and equipment


(793)

(1 911)

(802)

Cash flows used in investing activities


(810)

(1 280)

(265)

Cash flows used in financing activities





Repayment of capital portion of interest-bearing borrowings


(445)

(1 620)

(552)

Principal paid on lease liabilities


(57)

(287)

(196)

Payment of dividend to non-controlling interest


(93)

(185)

(152)

Cash flows used in financing activities


(595)

(2 092)

(900)

Net decrease in cash and cash equivalents


(1 184)

(29)

(904)

Cash and cash equivalents at beginning of the period


2 782

3 895

3 895

Foreign exchange movement on opening balance


91

(1 085)

(165)

Cash and cash equivalents at end of the period

11

1 689

2 782

2 826

The notes below are an integral part of this condensed consolidated interim financial report.



 

Notes to the Consolidated Financial Statements

1. General information

This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2023 were approved by the Board of Directors and have been delivered to the Registrar of Companies. The auditors report on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

2. Basis of preparation

Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and the AIM rules and in accordance with the accounting policies of the consolidated financial statements for the year ended 30 June 2023. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the last annual report. The statutory financial statements for the year ended 30 June 2023 were prepared in accordance with UK - adopted international accounting standards, the AIM Rules for Companies and the Companies Act 2006 applicable to companies reporting under the International Financial Reporting Standards ("IFRS"). They have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified.

Going concern

The directors have assessed that the group is able to continue in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations and thus have adopted the going concern basis in preparing these financial statements.

The assessment of the going concern assumption involves judgement, at a particular point in time, about the future outcome of events or conditions which are inherently uncertain. The judgement made by the directors included the availability of and the ability to secure material for processing at its plants in South Africa and Ghana, the impact of loss of key management, outlook of commodity prices and exchange rates in the short to medium term and changes to regulatory and licensing conditions.

3. Significant accounting policies

The accounting policies applied in this condensed consolidated interim financial report are the same as those applied in the Group's consolidated financial statements as at and for the year ended 30 June 2023.

4. Property, plant and equipment

During the six months ended 31 December 2023, the Group acquired assets with a cost, excluding capitalised borrowing costs, of £793,084 (six months ended 31 December 2022: £802,000; twelve months ended 30 June 2023: £1,911,000).

5. Intangible assets

Intangible assets at the end of the period relate only to goodwill which relate to the investment held in Gold Minerals Resources Limited. The balance is supported by the combined ongoing gold recovery operations in South Africa and Ghana. During the six months ended 31 December 2023 the goodwill balance has not been impaired (six months ended 31 December 2022: £nil; twelve months ended 30 June 2023: £nil).

6. Investments in subsidiaries, joint ventures and associates

The amounts included on the statements of financial position comprise the following:

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Investment in joint ventures

1

1

1

7. Receivable on Kilimapesa sale

Receivable on Kilimapesa sale incorporates the following balances:

The receivable relates to the 1% net smelter royalty on production of Kilimapesa up to a maximum of USD1,500,000.

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Non-current assets

571

571

556

Current assets

30

30

35


601

601

591

Other financial assets are recognised initially at the fair value, including transaction costs. The asset will subsequently be measured at fair value and are grouped into levels 1 to 3 based on the degree to which the fair value is observable. The financial assets from the Kilimapesa sale has unobservable inputs and is therefore included in level 3.

8. Other loans and receivables

Other loans and receivables comprise the following balances

Figures in £ '000

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Aurelian Capital Proprietary Limited

168

164

183

As part of the share repurchase of minority interest in GPL, the balance that was outstanding from the minorities, Amabubesi (Pty) Ltd, for the original purchase of the shares, was repaid. However, when additional shares was issued to Aurelian, it was agreed that a portion of the proceeds will be recoverable from future dividends. The balance outstanding has been included at discounted value of future proceeds recoverable from dividends.

9. Inventories

Inventories comprise:

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Raw materials

2 362

2 462

2 958

Consumable stores

940

1 054

1 123

Precious metals on hand and in process

10 162

16 618

9 567


13 464

20 134

13 648

Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of ordinarily interchangeable items.

10. Trade and other receivables

Trade and other receivables comprise:

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Trade receivables

19 925

27 645

19 060

Trade receivables impairment

(19)

(114)

-

Trade receivables - net

19 906

27 531

19 060

Sundry debtors

-

1

-

Prepaid expenses

59

77

65

Deposits

1

-

1

Other receivables

1 335

1 404

924

Value added tax

148

192

406


21 449

29 205

20 456

11. Cash and cash equivalents

11.1 Cash and cash equivalents included in current assets:

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Cash




Balances with banks

1 762

2 977

2 826

11.2 Overdrawn cash and cash equivalents included in current liabilities

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Bank overdrafts

(73)

(195)

(1)

12. Share capital

Authorised and issued share capital

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Issued




Ordinary shares

1 678

1 678

1 678


1 678

1 678

1 678

Share premium

11 562

11 562

11 562


13 240

13 240

13 240

13. Provisions

Provisions comprise:

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Environmental obligation

760

743

778

In terms of section 54 of the regulations of the Minerals Resource and Petroleum Act of 2002, in South Africa, a Quantum of Financial Provisioning is required for activities performed under the mining lease. Quantum of Financial Provisioning requires a detailed itemization of actual costs relating to the premature closure, decommissioning and final closure and post closure management. The Company makes use of an independent consultant to calculate the detail itemized actual current costs for rehabilitation and to evaluate any critical estimates and assumptions. The Quantum of Financial Provisioning has been approved by the Department of Minerals Resources in South Africa. The Company has insured the obligation and has ceded the proceeds from the policy to the Department of Minerals Resources. The movement in the current financial year is due solely to foreign exchange.

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Other provisions

57

207

207

Current portion

57

207

207


817

950

985

Other provisions relate to certain tax claims in the Group subsidiaries.



 

14. Trade and other payables

Trade and other payables comprise:

Figures in £ '000

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Trade creditors

4 810

5 974

3 856

Anumso license accrual

369

369

-

Accrued liabilities

10 603

17 799

9 406

Invoice financing creditor

11 834

19 054

12 273

Total trade and other payables

27 616

43 196

25 535

15. Long term borrowings

During the prior year, through GPL, the Group entered into a ZAR denominated bank facility of ZAR 60 million (approximately £3.02 million) with Nedbank, to finance the repurchase of shares from minorities in South Africa. The bank facility is repayable monthly over 36 months and attracts interest at South African Prime Rate plus 1.75%.

GPL provided security over its debtors as well as a negative pledge over its moveable and any immovable property, with a general notarial bond registered over all movable assets. The Company entered into a limited suretyship for ZAR 60 million, in favour of Nedbank. The facility is subject to various covenants, requiring certain levels of free cashflow, profitability, solvency and equity levels.

Long term borrowings comprise:

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

Nedbank

767

1 183

1 843

Non-current portion of long term borrowings

-

285

865

Current portion of long term borrowings

767

898

978


767

1 183

1 843

16. Income tax expense

Income tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full financial year applied to the pre-tax income of the interim period. The tax charges for the period arises in South Africa, Ghana and on declaration of dividends from South Africa. The effective income tax rate in GPL was 20.5% (six months ended 31 December 2022: 21%), GRG was 15% (six months ended 31 December 2022: 14%) and the withholding tax rate on dividends declared was 5% (six months ended 31 December 2022: 5%).

17. Earnings per share

Basic earnings per share

The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

Group

31 December

2023

Group

30 June

2023

Group

31 December

2022

1 171

2 798

1 742

1 171

2 798

1 742

167 783

167 783

168 837

168 438

169 682

170 037

18. Capital Commitments

Due to the continuing uncertainty of electricity supply in the medium term, we have committed to invest £750,000 in diesel generators which will be able to sustain operations in South Africa during electricity cuts. The investment will be financed through an asset financing facility from a local bank. As the generators have not been delivered as yet, the asset and liability have not been recognised in the Statements of Financial Position.

19. Segment information

19.1 Segment revenues

Figures in £ '000

Total segment revenue

Period ended 31 December 2023


South African Recovery Operations

9 549

West African Recovery Operations

26 711

South American Recovery Operations

1 106

Administration and Other

36

Group revenue

37 402

Period ended 30 June 2023


South African Recovery Operations

26 959

West African Recovery Operations

14 814

South American Recovery Operations

100

Administration and Other

8

Group revenue

41 881

Period ended 31 December 2022


South African Recovery Operations

10 460

West African Recovery Operations

10 007

South American Recovery Operations

130


20 597

19.2 Other incomes and expenses

Depreciation

Finance cost

Finance income

Segment profit/(loss) before tax

Taxation

Period ended 31 December 2023






South African Recovery Operations

(215)

(259)

90

131

(155)

West African Recovery Operations

(55)

(1 101)

60

1 925

(280)

South American Recovery Operations

-

(16)

-

31

(4)

Administration

-

(74)

19

516

(47)

Reconciliation to group figures

-

1

(66)

(979)

30

Total other incomes and expenses

(270)

(1 448)

104

1 624

(455)

Period ended 30 June 2023






South African Recovery Operations

(468)

(456)

(13)

2 808

96

West African Recovery Operations

(109)

(1 022)

597

1 965

(355)

South American Recovery Operations

-

13

-

(214)

(7)

Administration

-

(154)

-

871

(90)

Reconciliation to group figures

-

(1)

155

(2 006)

-

Total other incomes and expenses

(578)

(1 620)

739

3 424

(356)

Period ended 31 December 2022






South African Recovery Operations

(220)

(170)

89

1 318

(278)

West African Recovery Operations

(57)

(40)

-

2 304

(322)

South American Recovery Operations

-

-

-

(88)

(3)

Administration

-

(81)

-

599

(47)

Reconciliation to group figures

-

81

(81)

(1 644)

-

Total other incomes and expenses

(277)

(210)

8

2 489

(650)

 

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