Jubilee Metals Group PLC (LON:JLP) chairman Colin Bird has hailed “exceptional results” as the group swung to a profit in its first half.
The AIM-listed firm reported a pre-tax profit for the six months of £762,000 compared to a £438,000 loss a year ago while revenues from its operations had jumped to £8.3mln from £5.9mln.
WATCH: Jubilee Metals acquires zinc refinery, completes fund-raising to ramp up Kabwe project in Zambia
Production of platinum group metals (PGM) in the period also rose strongly, jumping 85% to 12,288 ounces, while PGM revenues had risen 98% to £7mln.
The company’s Hernic PGM project in South Africa had also nearly doubled its production, however, costs per PGM ounce produced were below US$400 making Hernic one of the lowest cost platinum producers in the industry.
Post-period end, Jubilee said its PlatCro Chrome operation, which it had acquired in January, was contributing to earnings ahead of schedule with £900,000 delivered across January and February.
Looking forward, Bird said the company was “confident” its Kabwe base metal project in Zambia, which it is currently in the process of ramping up, would achieve revenues in the fourth quarter of the current year.
He added that the firm was investigating a pipeline of projects which had the potential to “even more significantly increase earnings”.
In early trading Thursday, Jubilee shares were steady around 2.3p.