Bisichi PLC - coal mining in South Africa - On Wednesday says it swung to pretax profit in 2021. Pretax profit at GBP2.5 million compared to loss of GBP5.2 million in 2020. Revenue rises to GBP50.5 million from GBP29.8 million the year before.
Declares dividend of 6 pence per share, including a special dividend of 2p, versus none for 2020.
"The increase in group earnings and cash generation in the second half of the year can be attributed to a strong performance from our South African mining and processing operations. This performance allows us to restore the dividend," it says.
Group expects mining production to improve further as it will complete its transition into new mining areas at Black Wattle in South Africa in the first half of 2022.
Current stock price: 229.20p on Thursday, down 4.3%
12-month change: up sharply from 70p
By Tom Budszus; tombudszus@alliancenews.com
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Bisichi (BISI)