Earnings per share expected to more than double

RNS Number : 9633O

Tharisa PLC

11 November 2016

 

Tharisa plc

(Incorporated in the Republic of Cyprus with limited liability)

(Registration number HE223412)

JSE share code: THA

LSE share code: THS

ISIN: CY0103562118

(Tharisa or the Company)

Trading statement

Tharisa expects its earnings per share to more than double from the prior year.

In terms of section 3.4(b) of the JSE Listings Requirements, companies are required to provide guidance to the market when they are satisfied that a reasonable degree of certainty exists that the financial results for the current reporting period will differ by at least 20% from the results of the previous corresponding reporting period.

Tharisa is currently preparing its financial statements for the financial year ended 30 September 2016, with the financial results expected to be released on or about 29 November 2016.  Shareholders are advised that Tharisa's basic earnings per share (EPS) for the financial year ended 30 September 2016 is expected to be US$ 5 cents per share, with a tolerance of 10%.  Headline earnings per share (HEPS) is expected to be US$ 6 cents per share, with a tolerance of 10%.  This is an increase of 150% and 200% relative to the EPS and HEPS of US$ 2 cents per share respectively for the financial year ended 30 September 2015. 

The Company's policy remains to distribute 10% of consolidated net profit after tax for the financial year to its shareholders. Further details regarding any distribution will be included within the financial results to be released on or about 29 November 2016.

"These are very encouraging results in a subdued commodity pricing environment.  Going into FY2017, we are well geared to maximise returns from a marked recovery in chrome ore prices to  above the US$350 per tonne level," said Tharisa CEO Phoevos Pouroulis.

A production update for the fourth quarter of the financial year ended 30 September 2016 was released on the JSE Stock Exchange News Service and LSE Regulatory News Service on 10 October 2016.  Production guidance for the financial year ending 30 September 2017 remains at 147.4 koz of contained platinum group metals (on a 6E basis) and 1.3 Mt of chrome concentrates of which 300 kt will be specialty grade chrome concentrates. 

The financial information on which this trading statement is based has not been reviewed and reported on by the Company's auditors.

Paphos, Cyprus

11 November 2016

JSE Sponsor

Investec Bank Limited

Investor Relations contact:

Tharisa plc

Sherilee Lakmidas

[phone]

[phone]

[e-mail]

Broker contacts:

Peel Hunt LLP (Joint Broker)

Matthew Armitt / Ross Allister

[phone]

BMO Capital Markets Limited (Joint Broker)

Jeffrey Couch/Neil Haycock/Thomas Rider

[phone]

 

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