Avocet Mining Plc (AVM)

Avocet Mining Plc (AVM) – Profits Doubled

Avocet Mining Plc said its full-year underlying pre-tax profit more than doubled on a rise in ounces produced and lower cash costs. For the year ended March 31, the mining company said its pre-tax profit before exceptional items rose to $52.41m from $23.21m last year as revenue increased to $128.70m from $108.24m the year ago.

The combination of a 10% increase in ounces produced, lower cash costs and 26% higher average gold prices received resulted in a 126% rise in its underlying pre-tax profit compared with the previous year.