- Record production
- Annual revenue rises slightly to £142mn
- Annual pre-tax profit falls from £26.5mn to £12.3mn (0.47p)
- PE ratio of 12
Jubilee Metals (JLP: 5.8p), an Aim-traded mining company, delivered record production in the 12 months to 30 June 2023, but much lower profits due to weaker platinum group metals (PGMs) prices.
Revenue per PGM ounce dropped 14 per cent to £1,048 while net cost per ounce increased from £305 to £422, the effect of which was a £6.7mn drop in the segment’s operating profit to £18.8mn on 2 per cent higher production of 42,433 PGM ounces. The category accounted for 88 per cent of group revenue. Copper prices also dipped, down 12 per cent to £6,187 per tonne which, combined with higher net costs, led to a £4.4mn operating profit reversal.