PYX Resources jumped more than 7% as the Indonesia-focused mineral sands specialist posted an underlying profit as revenue jumped by more than 80%.
Revenue in the year to end December 2022 jumped to US$22.7mln (US$12.4mln), boosted by an 81% uptick in proceeds from its premium zircon operation as prices and volumes both increased.
Underlying profits came in at US$419,000 (Loss: US$794,000) though there was a pre-tax loss of US$9.5mln (US$4.5mln).
Cash at the year-end rose 9% to US$7.2mln.
Oliver Hasler, chairman and chief executive, said: "2022 has been a hugely successful year for PYX in which we have delivered strong revenue growth and operational performance, on the back of solid business fundamentals.
“We finished the year on a very powerful note, with a healthy bank balance, global investor support, strong demand for our growing product suite and, most importantly, a safe workplace record.
“We are particularly pleased that we have continued to grow our production numbers and have been successful in adding the highly sought-after commodities of natural rutile and ilmenite to our product portfolio.”
Shares up 7% to 17.9p.
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