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BlueRock Diamonds turns profitable, as revenues rise by 190%

BlueRock also said that current production remains on track to meet targets

Bluerock Diamonds Plc -

BlueRock Diamonds PLC (LON:BRD) booked revenue of £4.1mln for the 2019 full year, up by 190%.

During the second half of 2019, the company also turned a profit for the first time.

The success was based on the sale of 12,675 carats from the Kareevlei mine in South Africa, up 118% on the previous year.

Grades and price per carat also improved.

"I am very pleased with the continued success at Kareevlei, having achieved the aggressive guidance for 2019 and operated profitably for the first time in the second half of 2019,” said BlueRock executive chairman, Mike Houston.

“We are proud of this key milestone, which is a testament to the implementation of the revised production strategy brought in by the company's new management team in the second quarter of 2019."

The company also said it expects to report positive EBITDA and positive comprehensive income for the second half of 2019, excluding non-cash adjustments for IFRS 9 charges and movement in foreign exchange. 

 

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Price: 88 GBX

AIM:BRD
Market: AIM
Market Cap: £2.87 m
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