Bisichi PLC - London-headquartered company with coal operations in South Africa and retail property investments in London - Reports pretax profit of £5.0 million for six months ended June 30, up from £299,000 the year before. Total production from South African mining operation Black Wattle Colliery doubles, rising to 708,000 metric tonnes from 354,000. Revenue however decreases 9.2% to £23.5 million from £25.9 million, due to the adverse impact of ‘continued constraints on the South African rail network’, and lower coal prices achieved by its processing operation Sisonke Coal Processing. Company declares 3 pence per share interim dividend, unchanged from the prior year. Says that looking ahead to the rest of 2024, ‘we will continue to see the benefits from the new mining area at Black Wattle’ and remains confident it will ‘achieve significant value from our South African operations’. Notes ‘stabilisation in coal prices in both the export and domestic market’.
Current stock price: 114.76, up 31% on Friday afternoon in London
12-month change: down 4.4%
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