【Ferro-alloys.com】Jubilee Metals Group plc (LON:JLP), the AIM and Altx traded metals processing company has today announced its audited results for the year ended 30 June 2021.

Financial Highlights

o  Total revenue for the year increased by a strong 143% to £ 133 million (ZAR 2.8 billion)1 (2020: £ 54.8 million (ZAR 1.1 billion))

o  Attributable operational earnings2 growth of 183% to £ 71 million (ZAR 1.5 billion) (2020: £ 25 million (ZAR 494.5 million)) and a return on equity of 35.4%, compared with 21.2% in the previous year

o  Adjusted3 profit before tax up 324% to £ 52 million (ZAR 1.1 billion) (2020: £ 12.3 million (ZAR: 242 million))

o  Profit after tax adjusted for non-cash expenses including impairments, gain on bargain purchase and share based payments up 194% to £ 49 million (ZAR 1 billion) (2020: £ 17 million (ZAR: 331 million))

o  Adjusted earnings per share up 163% to 2.25 pence (ZAR 46.66 cents) (2020: 0.86 pence (ZAR 16.9 cents))

o  Revenue and earnings growth was achieved during  a period of substantial infrastructure investment, integration and planned operational downtime and has provided a tremendous platform for further future growth

o  Jubilee delivered strong cash flows from operating activities of £ 23.8 million (ZAR 108 million) (2020: positive cash flow of £ 19.4 million (ZAR 415.4 million))

o  During the year under review, a total of £ 19.8 million (ZAR 391.9 million) was invested in acquisitions and purchases of property, plant and equipment compared with the previous year’s total investment of £ 26.1 million (ZAR 558 million) while a further £ 1.8 million (ZAR 35.5 million) (2020: £ 4.2 million (ZAR 89 million)) of external debt obligations were repaid

o  Earnings per share up 93%, to 1.81 pence (ZAR 37.50 cents) (2020: 0.94 pence (ZAR 18.47 cents))

o  The Group boosted its operating profit by a strong 189%, to £ 45.9 million (ZAR 949 million) (2020: profit of £ 15.9 million (ZAR 313.2 million)), with an operating margin of 35% (2020: 29%)

o  The Group’s balance sheet strengthened substantially, with total assets increasing by 49 %, to £ 195 million (ZAR 3.9 billion) (2020: £ 130.6 million (ZAR 2.8 billion))

o  Total equity increased to £ 136.5 million (ZAR 2.7 billion), from £ 94.2 million (ZAR 2 billion) the year earlier, maintaining a strong equity ratio of 70% (2020: 72%)

o  The Group’s gearing remains low, with the net cash position and current assets4 covering 147% (2020: 92.7%) of total liabilities

1. For income statement purposes conversions are at the average £:ZAR rates for the period under review and for balance sheet purposes at the spot rate as at year end. All other conversions are at rates at the time announced

2. Attributable operational earnings represent Jubilee’s net share of operational earnings after distributions to JV partners and before development costs

3. Adjusted for non-cash expenses including impairments, gain on bargain purchase and share based payments

4. Current assets include inventory, trade and other receivables and cash and cashequivalents

• [Editor:zhaozihao]