Tharisa benefits from buoyant chrome market as it progresses with plans to de-risk its business
London, UK
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May 22, 2023 03:00 AM Eastern Daylight Time
Tharisa PLC CEO Phoevos Pouroulis tells Proactive's Stephen Gunnion the company benefitted from a buoyant chrome market in the six months to end March due to supplier shortages and increased demand. While its platinum group metals (PGMs) operations faced challenges with lower production and softening prices, he said they are showing signs of recovery. Pouroulis also highlighted progress at its Karo open pit platinum mining project in Zimbabwe, which he said will further de-risk the business. Overall, group revenue rose by 0.4% to US$335mln with underlying (EBITDA) profits down by 27% at US$81.2mln and pre-tax profits at US$72.4mln (2022: US$124.3mln). Headline earnings per share rose 14% to US$0.176 and it maintained its interim dividend at US$0.03. Cash inflows doubled to US$97.1mln, with net cash at the period end of US$113mln.
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