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Afarak Group regroups after challenges of 2018

Low ferrochrome prices and problems in South Africa affected 2018

chrome pipes
Ferrochrome prices have been weak

Metals alloys specialist Afarak Group PLC ( LON:AFRK) told shareholders it has regrouped after a difficult year in 2018.

Guy Konsbruck, chief executive, wrote: “The unforeseen challenges in the South African assets were exacerbated by the lower average ferrochrome benchmark prices.

“These factors led to the group posting poor results when compared to the record performance for 2017."

Mogale

Afarak had particular problems with its Mogale plant, which was affected by technical problems including stoppages and low-quality ore.

Corrective measures were taken and a return to growth was management’s objective, he added.

Revenues in 2018 were €194mln compared to €198.8mln in 2017, while the company reported an €18.6mln loss for the year, versus a €6.7mln profit.

Quick facts: Afarak Group PLC

Price: 37.5 GBX

LSE:AFRK
Market: LSE
Market Cap: £88.89 m
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Afarak 'resilient' and working to optimise business despite challenging markets

Afarak Group PLC (LON:AFRK) CEO Guy Konsbruck updates Proactive London on operations after what's proven to be a challenging start to the year for the firm. This month the chrome producer said it would shut down some of its production at the Mogale plant after coming under pressure from...

on 20/6/19

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