Pan-Af interim results December 2017

Revenue for the interim period decreased to GBP82.9 million (GBP90.1 million) whilst mining profit tumbled to GBP5.9 million (GBP17.7 million). Profit attributable to owners fell to GBP3.3 million (GBP14.0 million). Furthermore, headline earnings per share lowered to GBP0.20pps (GBP0.91pps).

Company outlook
In the 2018 financial year, the remaining key focus areas for the group, from an operational perspective, include:
* continuing with our safety and regulatory compliance improvement projects across all operations;
* ensuring construction of the Elikhulu Project progresses ahead of schedule and below budget;
* ensuring an improved sustainable and optimal operating performance at our gold mining operations;
* further improving stakeholder engagement to minimise operational stoppages;
* operational review of higher cost operations in the group; and
* production guidance is now approximately 177 000oz-181 000oz.

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

We extend our appreciation to our management teams and all other staff for their hard work and persistence during this period. Their commitment and perseverance has enabled Pan African Resources to continue operating successfully. We also thank our fellow directors and shareholders for their support.

2018-02-13 09:43:39