Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksJubilee Metals Share News (JLP)

Share Price Information for Jubilee Metals (JLP)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 6.90
Bid: 6.80
Ask: 7.00
Change: 0.30 (4.55%)
Spread: 0.20 (2.941%)
Open: 6.60
High: 6.90
Low: 6.60
Prev. Close: 6.60
JLP Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Jubilee Metals annual profit down 54% as margins come under pressure

Wed, 11th Oct 2023 08:14

(Alliance News) - Jubilee Metals Group PLC reported on Wednesday that its annual profit more than halved as surging overhead costs put margins under pressure.

For the financial year that ended June 30, the London-based metal processing company posted a 54% slump in pretax profit to GBP12.3 million from GBP26.5 million a year earlier.

Profit margins shrank to 22% from 32%, as costs ballooned. Cost of sales grew by 17% to GBP110.5 million from GBP94.6 million. Finance costs also put strain on the bottom-line, multiplying to GBP5.2 million from GBP1.4 million.

"Shareholders will have noted that the majority of producers have suffered significant gross margin contraction, with latest quarterly results of these producers demonstrating that most are now incurring operational losses," Jubilee Chair Ollie Oliveira said.

Jubilee delivered revenue of GBP141.9 million, up slightly 1.4% from GBP140.0 million, with growth in dollar-denominated chrome revenue predominately offsetting a decrease in platinum group metal revenue.

PGM price is now trading at USD1,359 an ounce, which is 46% below the 2022 financial average and 21% below average in the 2023 financial year.

PGM production was up 2% to 42,433 ounces from 41,586 ounces. Chrome output rose by 5% to 1.28 million tonnes from 1.22 million tonnes, while copper was 5% higher at 2,728 tonnes from 2,604 tonnes.

Earnings before interest, taxes, depreciation and amortisation dropped by around one third to GBP24.8 million from GBP36.8 million.

Over 12 months, earnings per share declined by 35% to 0.48 pence from 0.73 pence, after the weighted average number of shares increasing by 9% to 2.68 million from 2.45 million shares.

"Jubilee has delivered a strong operational performance which has assisted in buffering some of the challenging market conditions, brought on by a fast-depreciating PGM basket price and infrastructural challenges in both operating jurisdictions," Chief Executive Leon Coetzer said.

The company over 12 months expanded its portfolio in South Africa and Zambia.

It said the state-of-the-art PGM processing facility boasts an annual PGM production capacity of 44,000 ounces.

The group further expanded the chrome operational footprint through the implementation of a long-term chrome run-of-mine offtake agreement, offering increased chrome margins capable of offsetting the lower PGM margins.

By Artwell Dlamini, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
18 Apr 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

Read more
18 Apr 2024 10:49

AIM WINNERS & LOSERS: Surgical Innovations up as revenue jumps

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

Read more
18 Apr 2024 08:11

Jubilee Metals posts "strong" chrome production in third quarter

(Alliance News) - Jubilee Metals Group PLC on Thursday said its South African chrome operations delivered an "exceptional" performance in the first nine months of its financial year, though its platinum output disappointed.

Read more
28 Mar 2024 12:14

Jubilee Metals' Abu Dhabi partner agrees to form Zambia joint venture

(Alliance News) - Jubilee Metals Group PLC reported on Thursday its Abu Dhabi-based partner had formally agreed to form the copper waste rock joint-venture.

Read more
6 Mar 2024 08:29

IN BRIEF: Jubilee Metals forms subsidiary boards in SA and Zambia

Jubilee Metals Group PLC - London-based metal processing company, with projects in South Africa and Zambia - Creates dedicated executive subsidiary boards to reflect "business maturity" attained by the South African and Zambian operations. Appoints Mathews Phosa as chair of the holding company of its SA Operations, with immediate effect. Names Chief Operating Officer Bertus van der Merwe as managing director of the SA board.

Read more
29 Feb 2024 09:18

LONDON BROKER RATINGS: Barclays cuts Direct Line to equal weight

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

Read more
26 Feb 2024 08:30

Jubilee Metals posts "strong" interim performance, upbeat on outlook

(Alliance News) - Jubilee Metals Group PLC on Monday reported higher interim profit, amid a "strong" performance across all its operations.

Read more
8 Feb 2024 13:00

IN BRIEF: Jubilee Metals shares up as Zambia copper unit progresses

Jubilee Metals Group PLC - London-based metal processing company, with projects in South Africa and Zambia - Says Roan copper concentrator is on track for commissioning by end of the first quarter of this calendar year. In an update on copper operations in Zambia, says manufacturing and testing of the new 50,000 tonnes per month copper processing module is now completed.

Read more
23 Jan 2024 08:16

Jubilee Metals production performance "strong" in second quarter

(Alliance News) - Jubilee Metals Group PLC on Tuesday dubbed its production performance in the second quarter of its financial year as "strong", led by output of chrome concentrate, while copper production declined.

Read more
9 Jan 2024 09:29

LONDON BROKER RATINGS: Berenberg cuts target prices for miners

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Wednesday:

Read more
5 Jan 2024 08:57

LONDON BROKER RATINGS: Jefferies cuts Mondi to 'hold' from 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
5 Jan 2024 07:59

IN THE KNOW: Jubilee Metals set to cash in on Zambian copper venture

(Alliance News) - Jubilee Metals Group PLC will likely benefit from its new green copper project in Zambia, according Berenberg.

Read more
3 Jan 2024 12:47

Jubilee Metals shareholders endorse GBP13 million equity raise

(Alliance News) - Jubilee Metals Group PLC on Wednesday its shareholders have approved the equity raise for its proposed Green Copper project in Zambia.

Read more
27 Dec 2023 15:53

UK shareholder meetings calendar - next 7 days

Thursday 28 December 
ADVFN PLCAGM
Altona Rare Earths PLCAGM
Beximco Pharmaceuticals LtdAGM
Global Petroleum LtdAGM
Visum Technologies PLCAGM
Friday 29 December 
Apollon Formularies PLCAGM
Eco Atlantic Oil & Gas LtdAGM
Genedrive PLCAGM
Goldplat PLCAGM
Lansdowne Oil & Gas PLCGM re capital raise
Marula Mining PLCAGM
Microsaic Systems PLCGM re fundraise
Online Blockchain PLCAGM
Secure Property Development & Investment PLCAGM
SkinBioTherapeutics PLCAGM
Tetragon Financial Group LtdAGM
Woodbois LtdAGM
Zambeef Products PLCAGM
Monday 1 January 
no events scheduled 
Tuesday 2 January 
no events scheduled 
Wednesday 3 January 
Jubilee Metals Group PLCGM re equity raise
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

Read more
18 Dec 2023 06:35

Jubilee Metals bumps up placing to GBP13 million on strong demand

(Alliance News) - Jubilee Metals Group PLC on Monday said the equity raised for its proposed Green Copper project in Zambia was increased by 30% from its original plan, amid strong demand in the bookbuild.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.