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Regency enjoys a bumper six months as profits soar to £2.5 million

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Regency Mines (LON:RGM) has enjoyed a stellar six months as it registered a sharp improvement in all its performance metrics.

Pre-tax profit advanced to to £2.53 million in the six months ended December 31 from £388,000 a year earlier. 

Of that £2.15 million came from associate companies such as Red Rock Resources (LON:RRR), which like Regency is listed on AIM.

Comprehensive income for the period jumped to £5.87 million from £650,000, and was boosted by a revaluation surplus on the firm’s recent investment in Pakistan-focused Oracle Coalfields.

Oracle is just one of a number of Regency investments: it also owns nickel and other assets in Western Australia, Queensland, and Papua New Guinea.

According to the interim results published today the value of those holdings more than tripled in value to £13.23 million from £4.06 million previously.

The Oracle investment has been a particularly good one for Regency. It paid just over £1 million for 10.4 per cent stake in the company at 5.5 pence a share.

Today the stock is changing hands at over 10 pence and analysts expect it to go even higher once it make the transfer from Plus Markets to AIM.

Regency’s investment in Direct Nickel, meanwhile, promises to be the next big trigger for the share price, which has rocketed 125 per cent in the last six months. 

Chairman Andrew Bell told investors: “"The next twelve months are likely to be a transformative and stimulating period for the company, with significant developments on several fronts.”

 

Quick facts: Regency Mines PLC

Price: 0.95 GBX

LSE:RGM
Market: LSE
Market Cap: £1.8 m
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