Pan African Resources - Return to dividend paying status in FY19 a priority
While Pan African Resources’ (PAF) pre-tax profit for the year to end-June 2018 was within 5% of our prior forecast (on an underlying basis, excluding impairments), bottom-line results were significantly ahead of our expectations as a result of a material tax credit applied to Evander. While FY18 was a challenging year, in which the board elected not to recommend a final dividend (as expected), an idea of its future financial potential may be gleaned from the fact that underlying earnings from continuing operations nevertheless amounted to £19.6m, or 1.08p per share (1.60p excluding ‘other’ items).Pan African Resources is a mid-tier African-focused precious metals producer. Co.'s business activities were conducted through the following business segments: Barberton Mines (including Barberton Tailings Retreatment Plant), located in Barberton, South Africa; Evander Mines (including Evander Mines' Tailings Retreatment Plant), located in Evander, South Africa;Corporate; and Pan African Resources Funding Company Proprietary Limited.
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