Pan African Resources expects lower first half EPS

Pan African Resources announced its earnings per share would be lower at the half-year stage, in part as a result of the recent strengthening in the South African currency.

In a pre-close trading update for the six months to 30 June, the company said earnings per share would be down by between 13% and 24% in Sterling terms, in a range of between 1.07p and 1.22p.

During the reporting period, the rand appreciated by 19.6% to an average value of 17.25 against the rand.

In US dollar terms, EPS would be down by between 29% and 39%, in a range of 18.30 cents to 21.32 cents, with the rand having gained 6.53% to an average value of 13.59 per US dollar, versus 14.51 one year before.

The company also advised that the number of shares in issue fell from 1.81m to 15.64m.

The company's shares were down -1.75% to 14.00p by 16:52 BST.