Results round-up
Centamin said it expects 2016 gold production to be towards the upper end of its guidance of between 520,000 and 540,000 ounces as it reported a 41% increase in third quarter output.
The group said gold production in the third quarter was 148,674 ounces, up 41% on the same period a year ago and up 6% on the previous quarter.
Production was driven by a strong performance at the Sukari gold mine which delivered 255,000 tonnes of ore at a grade of 8.97 grams per tonne. As a result of significant cash generation from Sukari, profit sharing started during the quarter. The company has recovered total advance payments of $28.75m against future profit sharing made since 2013.
Total gold sales came to 150,201 ounces in the third quarter, compared to 141,802 ounces in the second quarter and 104,803 ounces in the corresponding period a year ago.
The miner reported earnings before interest, tax, depreciation and amortisation of $122,032, 20% higher on the second quarter and 289% higher than a year ago.
Centamin added that is sees full year 2016 costs coming in at the lower end of guidance of between $530 and $550 per ounce cash cost of production and between $720 to $750 per ounce AISC.
AIM-listed Plexus Holdings’ revenue fell due to the drop in oil prices and the reduction in the oil and gas engineer’s drilling activities.
The fall in exploration activity following the slump in oil prices has seen the North Sea UK continental shelf especially hard hit, which resulted in revenue falling 61% to £11.23m in the year ended 30 June.
The company swung to a loss after tax of £5.79m and a basic loss per share of 6.39p from a £5.43m profit and 6.40p earnings per share last year.
The company had net cash of £9.9m at the year end.
During the year the company restructured which resulted in a near 50% reduction in personnel costs and general overheads to £7.4m, while research and development costs, excluding costs of building test fixtures, totalled £1.98m, a reduction of 52%.
The company said it believes that the sharp fall seen in the number of exploration wells drilled across the world had sown the seeds for the next upturn due to an impending 'supply crunch' which is already seeing a recovery in the price of oil.
Chief executive Ben van Bilderbeek said: "Whilst we are disappointed with this set of results, particularly following on from a record prior year we regard the current cyclical downturn as just one backwards step in what we believe will prove to be a highly rewarding journey for our shareholders.
“Cycles will come and go within our sector, however the benefits of our Pos-Grip technology will endure meaning that demand for Plexus' wellhead equipment should increase as the global demand for hydrocarbons continues to rise.”