Polymetal International PLC (LON:POLY) have given shareholders a strong set of final results on Wednesday morning, which has led to shares receiving a boost.
Shares in Polymetal International trade at 1,284p (+1.42%). 4/3/20 10:01BST.
The firm noted that revenue was significantly higher across 2019, following rising commodity prices.
Polymetal said that revenue had spiked 20% across 2019 to $2.25 billion, and this was driven by the rice of average realized gold rising 13%. Gold sales also rose 14% to 1.4 million ounces, the firm added.
Silver sales did see a 14% slip however, totaling 22.1 million ounces – but average realized silver price climbed by 11%.
Net earnings for the firm was valued at $483 million, as basic earnings per share increased by 31% to $1.02.
Going forward, the firm has guided for 1.6 million ounces gold equivalent for 2020 and 2021 – and Polymetal expects results to second half weighted.
Cash costs are expected to be between $650 and $700 per gold equivalent ounce while all-in sustaining cash costs are forecast at $850 to $900 per gold equivalent ounce.
The firm proposed a final dividend per share of $0.42, giving an annual total of $0.82 – a 71% climb from the metric one year ago.
“We are pleased to report record earnings and solid free cash flow for the year underpinned by a robust operating performance and strong commodity prices”, said Vitaly Nesis, Group CEO of Polymetal, commenting on the results. “We have also advanced our key strategic projects, reduced net debt and paid substantial dividends”.
Polymetal announce board changes
In a separate update published today, Polymetal also announced that Non-Executive Directors Christine Coignard and Jean-Pascal Duvieusart will not seek re-election at its upcoming annual general meeting.
As a result, Andrea Abt hasbeen appointed to Polymetal’s board as a non-executive director.
Ian Cockerill, Board Chair, commented: “I am thankful to Christine and Jean-Pascal for their contribution to the Company’s success. As the Chair of the Remuneration Committee, Christine has been pivotal in shaping Polymetal’s governance and remuneration practices. Congratulations to Jean-Pascal on his new role and I appreciate that it is no longer possible to continue as a non-executive Director. I am also glad to welcome Andrea, an inspired professional with diverse and successful executive and directorship track record. She brings crucial skills for Polymetal of supply chain management and successful implementation of IT transformation.”
