Earnings rise as Bisichi Mining sees improved demand for coal

Bisichi Mining reported an improvement in earnings in its half-year results on Wednesday, with EBITDA rising to £5.7m from £5.2m year-on-year, and adjusted EBITDA growing to £5.6m from £5.3m.

The London-listed firm said its profit before tax totalled £4.3m for the six months ended 30 June, compared to £4m at the same time last year.

Basic earnings per share were 24.75p, up from 22.25p year-on-year.

On the operational front, the company’s total production was 655,000 tonnes for the period, down from 670,000 tonnes.

The board said the results reflected the “stable production and strong demand” for coal from its South African coal mining and processing operations.

It also noted that Black Wattle’s acquisition of 1.9 million metric tonnes coal reserve remained subject to regulatory approval, telling shareholders that there was “no further news” to report at this stage.

The company also said its UK property portfolio was performing well, with planning application on a larger West Ealing development now submitted.

“Your directors intend to pay an interim dividend of 1p per share which will be paid on the 14 February 2020, to shareholders on the register at the close of business on 10 January 2020,” the board confirmed in its statement.