PR Newswire
Pan African Resources PLC
(Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY
(‘Pan African’ or the ‘Company’ or the ‘Group’)
Pan African Resources Funding Company Limited
Incorporated in the Republic of South Africa with limited liability
Registration number: 2012/021237/06
Alpha code: PARI
(Key features are reported in United States dollar (US$) and South African rand (ZAR))
TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 (CURRENT REPORTING PERIOD)
This announcement contains inside information
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the current financial year, will differ by at least 20% from those of the year ended 30 June 2023 (previous reporting period).
Pan African’s presentation currency is the US$ and its functional currency is the ZAR. Movements in the US$/ZAR exchange rate affect the Group’s US$ reported results. The average US$/ZAR exchange rate, that prevailed during the current financial year, is used in translating the Group’s ZAR financial performance into US$.
During the current financial year, the average US$/ZAR exchange rate was US$/ZAR:18.71 (2023: US$/ZAR:17.77), and the closing US$/ZAR exchange rate as at 30 June 2024 was US$/ZAR:18.19 (2023: US$/ZAR:18.83).
The year-on-year change in the average and closing exchange rates of 5.3% and 3.4%, respectively, must be considered when comparing period-on-period results. The weighted average number of outstanding shares as at 30 June 2024 was 1,916,503,988 shares (2023: 1,916,503,988 shares).
Pan African advises shareholders that its headline earnings per share (HEPS) for the current financial year are expected to be between US 3.99 cents per share and US 4.31 cents per share, compared to US 3.15 cents per share for the previous reporting period, an increase of between 27% and 37%. Earnings per share (EPS) for the current reporting period are expected to be between US 3.98 cents per share and US 4.30 cents per share respectively, compared to US 3.19 cents per share for the previous reporting period, an increase of between 25% and 35%.
The increases in HEPS and EPS for the current reporting period, relative to the previous reporting period, are mainly as a result of the following primary factors:
Revenue increased by 16.8%, mainly due to the increase in gold sold of 4.9% combined with an increase in the average US$ gold price of 11.3%
The financial information contained in this announcement has neither been reviewed nor audited by the Company’s auditors. The Group’s results for the year ended 30 June 2024 will be released on 11 September 2024.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Rosebank
5 September 2024
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Corporate information
Corporate Office
The Firs Building
2nd Floor, Office 204
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0)11 243 2900
info@paf.co.za
Registered Office
2nd Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0)20 3869 0706
info@paf.co.za
Chief Executive Officer
Cobus Loots
Office: + 27 (0)11 243 2900
Financial Director
Deon Louw
Office: + 27 (0)11 243 2900
Head: Investor Relations
Hethen Hira Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za
Website: www.panafricanresources.com
Company Secretary
Jane Kirton
St James's Corporate Services Limited
Office: + 44 (0)20 3869 0706
Nominated Adviser and Joint Broker
Ross Allister/Georgia Langoulant
Peel Hunt LLP
Office: +44 (0)20 7418 8900
JSE Sponsor
Ciska Kloppers
Questco Corporate Advisory Proprietary Limited
Office: + 27 (0)11 011 9200
Joint Broker
Thomas Rider/Nick Macann
BMO Capital Markets Limited
Office: +44 (0)20 7236 1010
Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0)20 3207 7800
The information provided here is not subject to any editorial processing. It is prepared fully automatically and enriched with additional information and further research options. The aim of the content is to provide information seekers with the relevant information quickly and easily. A link back to the information provider and owner ensures that the data prepared here can be compared with the source information if required. The newsboard does not show information in real time. Please contact the exchange operator for this information if required. There is no claim to completeness. High availability cannot be guaranteed. If you notice any errors in the functionality, please let us know using the "Report a Bug" form below.
RAW DATA PROCESSING means that raw data is processed without changing the content. The data is supplemented to improve the interpretation of the information in terms of usability.
Note: The newswire cross-link panel at the top allows you to quickly and easily access additional sources of information. In the terminal view, the news is filtered at company level and enables targeted searches.
On behalf of the trading community, we would like to thank the operators of the trading venues for providing information services.