The group’s underlying earnings (adjusted EBITDA) also increased sharply, it noted, rising by 132% to £22.6mln whilst earnings per share was marked at 0.94p, up 96%. Cash flow from operating activity was described as strong, reported at £19.4mln versus £4.76mln in 2019.
“This reporting period again showcases the strength and resilience of Jubilee’s business strategy with sustained, strong growth in all aspects of the company despite the unprecedented challenges faced as a result of the COVID-19 pandemic,” chief executive Leon Coetzer said in the results statement.
The company, meanwhile, almost doubled investment – with funds committed to acquisitions and purchases of property, plant and equipment – marked at £13.5mln.
During the period, it paid £9.2mln in cash to acquire the Sable Zinc Refinery in Kabwe, Zambia, which is located next to large stockpiles of zinc, lead and vanadium which the company has contracted from BMR Group.
Operationally, Jubilee set company records for production at 40,743 ounces of platinum group metals (23,847 ounces in 2019), generating £34.5mln of revenue up from £15.8mln in the prior year, whilst it produced 377,883 tonnes of chrome concentrate (181,947 tonnes in 2019) to generate £17.2mln of revenue up from £7.8mln.
In the current financial year to date, the company noted that PGM and chrome operations have set further company records, with operational earnings of £15.17mln in the most recent quarter ending September 30.
The calendar Q3 saw Jubilee reach its highest quarterly PGM production volumes, with 15,044 ounces. This was supported by 136,162 tonnes of chrome concentrate produced under tolling agreements from third party ore suppliers.
Coetzer commented: “Jubilee’s results reinforce the company’s confidence in what it refers to as ‘The Jubilee Way’, continuously striving to translate leading in-house processing and metals recovery excellence into industry-leading operational efficiencies.
“Jubilee’s achievements in the chrome industry in particular, with the introduction of its in-house developed Fine Chrome recovery plant and its state of the art Inyoni PGM recovery plant, are examples of The Jubilee Way in action.”
He added: “As a product of these achievements, Jubilee is also seeing an increase in approaches from established industry players looking to partner and work with Jubilee in order to improve overall operational efficiencies and target previously discarded metal values.
“This is evidence that Jubilee’s brand as a leading metals recovery company has travelled across metal groups and mining jurisdictions and holds the potential to contribute significantly to future growth.”