Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Pan African Resources flags strong rise in earnings
(Sharecast News) - Pan African Resources reported a substantial increase in headline earnings per share and earnings per share in its first half on Friday, to between 2.14 and 2.3 cents per share, up from 1.52 cents per share for the same period in 2022. The AIM-traded firm noted that would represent an increase of between 41% and 51% year-on-year for the six months ended 31 December.
It attributed the notable improvements in earnings to a 23.9% surge in revenue to $193.9m, compared to $156.5m in 2022.
The increase was primarily due to higher gold sales volumes, which rose 8.9% to 98,458 ounces, while the average dollar-denominated gold price received during the reporting period increased 13.7% to $1,961 per ounce, up from $1,725 per ounce a year earlier.
Pan African said it released its trading update under the JSE listing requirements, which compel companies to issue a statement when there was a reasonable degree of certainty that its financial results would differ by at least 20% year-on-year.
The company added that it operates with the US dollar as its presentation currency, and the South African rand as its functional currency.
That meant that fluctuations in the USD-ZAR exchange rate significantly impacted its reported results.
During the reporting period, the average USD-ZAR exchange rate was ZAR 18.69 to the dollar, compared to 17.33 in 2022.
The closing exchange rate on 31 December was ZAR 18.30, compared to ZAR 17.01 in the prior year period.
At 1154 GMT, shares in Pan African Resources were up 3.79% at 18.6p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
