Goldplat issues maiden divi as profits soar

Shares of Africa-focused gold producer Goldplat surged after it said it would pay its first dividend following a hefty profit increase.

The aim-listed company said pre-tax profit rose to £5.24m for the year ended June 30th 2012 from £3.43m the same time a year earlier. Operating profits jumped 48% to £4.53m during the period.

Gold production from Ghana and South Africa totalled 31,354 ounces and its net cash position increased to £4.57m at the end of June from £3.01m a year earlier.

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Underlining the group's confidence in trading, Goldplat said it would pay a maiden dividend of 0.6p per share.

CEO Russell Lamming said: "With record profits of £5.24m before tax and gold production reaching 31,354 ounces, 2012 has been a truly exceptional year for Goldplat. In addition, the declaration of a maiden dividend represents a key milestone for the company and highlights the considerable progress made by Goldplat to date."

Looking ahead, Goldplat said it plans to maintain growth and seek new opportunities in Ghana and South Africa. The group will also report on developments at its latest gold recovery venture in Burkina Faso, which it believes will fit in well with existing recovery operations.

"We remain committed to developing our gold mining projects in Kenya (Kilimapesa Gold), Ghana (Amunso) and Burkina Faso (Nyieme). We aim to increase production at our first gold mine, Kilimapesa Gold, towards the 10,000 ounce mark over the next two years and delineate in excess of 1 million ounces of resources across our whole development portfolio by the end of the year," the group explained.

"With a robust treasury to support growth at our existing operations and fund future acquisitions, Goldplat looks set to hit its key targets."

CJ