Goldplat interim results: profit surges, dividends start, and South Africa drives the show
Goldplat has posted a punchy set of interim numbers for the six months to 31 December 2025, with profits and revenue sharply higher and dividend payments now underway. The mining services group, which recovers gold and other precious metals from by-products in South Africa, Ghana and across South America, is benefiting from both stronger volumes and a higher average gold price.
Management’s tone is confident. The focus is on securing the tailings project in South Africa, improving recoveries in Ghana, unlocking value in other precious metals, and sharing cash with shareholders more regularly.
Key numbers from H1 2025 (six months to 31 December 2025)
| Metric | H1 2025 | H1 2024 |
|---|---|---|
| Revenue | £45.151 million | £29.596 million |
| Operating profit | £4.802 million | £2.635 million |
| Profit attributable to owners | £3.276 million | £1.407 million |
| Diluted EPS | 1.91 pence | 0.83 pence |
| Net cash | £4.806 million | £2.772 million (31 Dec 2024) |
| Capital expenditure | £629,505 | £861,480 |
| Dividends declared during period | £350,000 | £nil |
Note: A further interim dividend of 0.14638 pence per share was paid on 6 March 2026, taking total dividends over the last eight months to £600,000.
What drove the jump? South Africa’s volumes and gold price tailwinds
Revenue rose 53% year-on-year to £45.151 million, helped by strong production in South Africa and a materially higher average US dollar gold price – up by about 49% compared with the prior interim period. That operating leverage flowed through: operating profit almost doubled to £4.802 million, and net profit attributable to shareholders rose 133% to £3.276 million.
South Africa: market share gains and strong low-grade circuits
Goldplat Recovery (Pty) Ltd saw revenue up 174% to £28.405 million (H1 2024: £10.367 million) on stronger supply – including from South America – a specific South African project, and the higher gold price. Operating profit climbed to £3.458 million (H1 2024: £883,000).
The team’s push into the by-products market is paying off, lifting volumes in Q2. Recoveries from low-grade circuits also performed well. Visibility of supply looks healthy, with more than 12 months of low-grade soils already on site and more under contract.
Ghana: revenue lower and margins squeezed, with process upgrades underway
Gold Recovery Ghana revenue eased to £16.746 million (H1 2024: £18.614 million). Last year still benefited from sales tied to the previous business model. Profit from operating activities fell to £1.259 million (H1 2024: £2.153 million), with margins impacted by statistical errors in sampling and assaying. Procedures have been updated.
Importantly, management plans to invest a further £700,000 over the next six months to improve local beneficiation processes (turning concentrates and materials into higher-value outputs) and environmental management. Ghana’s business has been reshaped by local beneficiation requirements, which the team is adapting to in order to protect margins.
Brazil and South America: plant build progressing, sourcing strong
In Brazil, around £156,000 of the planned £200,000 for the new plant has been spent, and spiral equipment arrived in January 2026. Sourcing activity across South America remains robust, with several new agreements in place. During Q2, more material was directed to South Africa while Ghana stock is reduced using new processing methods.
Cash flow, working capital and balance sheet
Net cash at period end was £4.806 million (30 June 2025: £6.088 million). Cash fell mainly because large trade payables outstanding at year-end were settled during the half. Operating cash flow was modest at £111,000, reflecting working capital absorption as activity ramped up – trade receivables rose to £18.280 million and trade and other payables to £22.771 million, while inventories increased to £17.034 million, partly due to Brazil’s pre-period-end purchases for H2 processing.
Capital expenditure during the period was £629,505. Dividends paid to shareholders totalled £350,000, with an additional £51,000 paid to non-controlling interests.
Invoice financing stood at £4.417 million, and lease liabilities totalled £498,000 (current and non-current combined). Overall, the balance sheet retains a net cash position and good liquidity, but near-term cash conversion will depend on unwinding the working capital build.
Taxes and FX: rates normalise higher, currency flips to a gain
The effective tax rate rose to 25.37% from 19.06%, driven by a higher share of Group profits in South Africa, where income tax is higher than in Ghana. Income tax for the period increased to £1.193 million (H1 2024: £348,000). On the positive side, foreign exchange contributed a £174,000 gain, reversing a £476,000 loss in the prior interim period, as the rand strengthened against the US dollar and sterling.
Outlook: TSF deal, cost reduction and steady dividends
Management is focused on:
- Maintaining market share in South Africa and expanding in neighbouring countries.
- Cutting production costs, especially on the CIL circuits in South Africa. (CIL is carbon-in-leach, a common gold recovery process.)
- Agreeing commercial terms with DRDGOLD to reprocess the TSF (tailings storage facility) and finalising regulatory approvals for a pipeline to their plant.
- Exploring interim ways to extract value from the TSF while the main agreement progresses.
- Improving gold recovery and environmental management in Ghana via £700,000 of targeted investment.
- Developing land in Brazil and expanding services, particularly for lower-grade material across South America.
- Leveraging capabilities in other precious metals and commodities.
The board also reiterated its intention to share future cashflows with shareholders and distribute surplus cash where not required for growth or risk management.
My take: quality half with clear catalysts, but watch cash conversion
This is a strong interim performance. South Africa is firing, with volume wins and a rich gold price backdrop lifting both revenue and margins. Ghana has had some short-term noise from sampling errors and regulatory-driven changes, but the corrective capex and process work are sensible and should support margin recovery. Brazil remains an option on growth.
On the flip side, cash generation lagged profit due to the working capital build. That is common in growth phases but deserves monitoring, especially with invoice financing in the mix. The tax rate stepping up is a natural by-product of where profits are made; it trims net profit but reflects stronger South African trading.
The dividend initiation is a meaningful signal. If Goldplat can lock down commercial terms on the TSF with DRDGOLD, deliver the Ghana upgrades, and keep South African volumes humming, there is a credible path to ongoing distributions.
What to watch next
- TSF reprocessing agreement and pipeline permitting with DRDGOLD – timing and economics not disclosed.
- Ghana recovery improvements and the impact of the £700,000 investment on margins.
- Cash conversion as receivables and inventories unwind in H2.
- Brazil plant commissioning progress and sourcing traction across South America.
- Further clarity on dividends and capital allocation as profits scale.
Overall, a positive half. Execution on the TSF and Ghana process improvements are the key swing factors for the rest of the year, while the elevated gold price remains a powerful tailwind.
