Half Year Results 

Leverage remains an issue at Petropavlovsk

Leverage remains an issue at Petropavlovsk

It’s less than three months since Peter Hambro was forced to leave the board of Petropavlovsk (POG), so it’s interesting to get his view from the outside. He told the IC the gold miner’s improved numbers at the half-year mark were brought about by “a continuation” of the pre-existing turnaround strategy. As well he might. A drive to boost cash flows and derisk the delivery of capital projects has resulted in net cash at the operating level of $74.6m (£56.2m) from $29.9m at the 2016 half year, while cash profit was up 30 per cent to $114m.  

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