Metals processing group Jubilee Metals (JLP) “is pleased to announce its audited results for the year ended 30 June 2020” and that “post the period under review… PGM and chrome operations delivered record quarterly operational earnings of £15.17 million”. Sounds good for we loyal shareholders...
That is with the full year attributable earnings up to £18.3 million on revenue up to £54.8 million, with earnings per share to 0.94p (+96%). The company noted “a total of £ 26.1 million (ZAR 557.9 million) was invested in acquisitions and purchases of property, plant and equipment, nearly doubling the previous year's total investment”, with year end current assets of £33.8 million (+£4.2 million, including cash of £9.9 million; -£8.9 million), current liabilities of £14.4 million (£7.5 million increased) and non-current liabilities of £22.1 million (£5.7 million increased) – those including borrowings of £11.9 million (£0.8 million reduced). It particularly notes “in Zambia, the company is seeking to replicate the success of its PGM and Chrome operations, and this has been a significant period seeing rapid growth. Jubilee has already secured the rights to vast copper and cobalt tailings resources following its acquisition of the Sable Refinery… further diversifies our revenue streams”.
That is with we having noted the potential to more than double Jubilee’s current South Africa PGM, chrome, earnings profile – and the noted results also include “virus, forcing the temporary suspension of all operations in March, with a gradual restart of the operations permitted over the following two months”.
The shares have responded further higher on this latest – but are still only edging above 7p, and towards a £150 million market cap. For a company that could be delivering earnings of well above £60 million this year, that is not demanding. Despite our July recommendation at only 4.6p, we suggest 9.5p+ very realistic as the earnings growth continues to play out.
This first appeared on the N50 website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website for a new shorting piece out earlier today and for a new share tip from Tom & Steve out THIS AFTERNOON click HERE
Filed under: Jubilee Metals, Julie Meyer, WH Ireland, Pantheon Resources, Golden Prospect, FCA, N50 website
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