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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wishbone Gold Plc | LSE:WSBN | London | Ordinary Share | GI000A2PX455 | ORD 0.1P (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.025 | 2.04% | 1.25 | 1.20 | 1.30 | 1.25 | 1.1975 | 1.225 | 3,057,672 | 16:03:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Nonmtl Minrls, Ex Fuels | 0 | -1.14M | -0.0044 | -2.84 | 3.22M |
TIDMWSBN
RNS Number : 9909N
Wishbone Gold PLC
30 September 2019
30 September 2019
Wishbone Gold Plc ("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources / NEX: WSBN
Interim results
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
Chairman's statement
Wishbone Gold has pleasure in announcing its interim results for the period ended 30th June 2019. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.
The six months ended saw total sales of $6.562m, showing a substantial increase over the same period last year (2018: $3.908m). Volumes processed by the Company during this period were mainly from local trading and from Asia. Gross margins for the period were 0.48%, showing a slight increase from the last full year (0.42%). As the Asian percentage of trading has risen over the last couple of months we have seen margins improve further.
During the period cash increased by $0.012m (period ended 30 June 2018: reduction of $0.20m) and at 30 June 2019 the Company had net cash of $0.036m (30 June 2018: $0.054m). Net assets at 30 June 2019 were $2.13m (30 June 2018 ($2.88m).
With the marked increase in the gold price we have seen an increased interest in holding physical gold. There is also increased activity in cross border trading of physical gold where we are well positioned in Dubai between Asia and Europe.
The Company is seeking to extricate itself from its Honduras operations, to focus on the burgeoning growth in trading in the Middle East. The Australian licences remain in the Company for the time being and the Board are considering strategies to increase opportunities here. The Board look forward to updating shareholders in due course.
We continue our discussions on potential acquisitions and will announce progress when possible.
Many thanks to all our shareholders for their continuing support.
SFor further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +44 207 812 0645
Beaumont Cornish Limited
(Nominated Adviser and NEX Exchange Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams Tel: +44 20 7628 3396
Turner Pope Investments (TPI) Limited
(Broker)
Zoe Alexander/ Andy Thacker Tel: +44 20 3657 0050
Damson Communications
(Public Relations)
Abigail Stuart-Menteth Tel: +44 20 7812 0645 Wishbone Gold PLC Consolidated Income Statement for the period 1 January 2019 to 30 June 2019 Unaudited Unaudited Audited Six Months Six Months Year Ended Ended Ended 31 December 30 June 30 June 2018 2019 2018 US$ US$ US$ Sales 6,562,093 3,908,979 10,896,045 Cost of sales (6,530,233) (3,873,223) (10,849,774) Gross profit 31,860 35,755 46,271 Administration expenses (555,687) (497,834) (1,064,988) ------------- ------------- ---------------- Operating loss (523,827) (462,079) (1,018,717) Loss on equity sharing agreement - - (797,220) Impairment of investments - - - Foreign exchange gains (3,315) (6,746) (10,223) Finance costs (10,595) (58,603) (64,007) Loss on ordinary activities before taxation (537,737) (527,428) (1,890,167) Tax on loss on ordinary activities - - - Loss for the financial year (537,737) (527,428) (1,890,167) ------------- ------------- ---------------- Wishbone Gold PLC Consolidated Statement of Financial Position as at 30 June 2019 Unaudited Audited Unaudited Six Months Year Ended Six Months Ended 31 December Ended 30 June 2018 30 June 2019 2018 US$ US$ US$ Current assets Trade and other receivables 555,936 545,843 583,834 Cash and cash equivalents 36,271 54,102 24,428 Inventory - 27,751 - Loans 199,864 306,183 199,864 792,071 933,879 808,126 -------------- ------------- ------------- Non-current assets Property, plant and equipment 193,750 250,024 212,500 Goodwill 748,617 748,625 748,617 Assets 393,874 377,672 371,923 Loans - 572,278 - 1,336,241 1,948,599 1,333,040 -------------- ------------- ------------- Total assets 2,128,312 2,882,478 2,141,166 ============== ============= ============= Current liabilities 555,407 1,397,345 863,176 Non-current liabilities - - - Equity Share capital 3,791,823 1,730,590 2,872,843 Share premium 7,370,895 7,115,052 7,306,550 Share based payment reserve 64,355 62,908 64,355 Accumulated losses (9,610,478) (7,710,000) (9,072,741) Foreign exchange reserve (43,690) 286,583 106,983 Total equity and liabilities 2,128,312 2,882,478 2,141,166 ============== ============= ============= Wishbone Gold PLC Consolidated Statement of Cash Flows for the period from 1 January 2019 to 30 June 2019 Unaudited Audited Unaudited Six Months Year Ended Six Months Ended 31 December Ended 30 June 2018 30 June 2019 2018 US$ US$ US$ Cash flows from operating activities Loss before tax (537,737) (527,428) (1,890,167) Reconciliation to cash generated from operations: Foreign exchange (gain)/loss 3,315 6,745 10,223 Interest expense 10,595 58,603 64,007 Impairment losses - - Write-off of loan receivable - 107,509 Losss on equity sharing agreement - 797,220 Depreciation 18,750 - 37,500 Administrative expenses converted into ordinary shares - 382,950 Operating cash flow before changes in working capital (505,077) (462,080) (490,758) -------------- ------------ ------------- Derease/(increase) in inventory 4 27,755 Decrease/(increase) in receivables 27,898 22,553 (15,437) Increase/(decrease) in payables (307,769) 178,036 (335,012) Cash outflow from operations (784,948) (261,487) (813,452) -------------- ------------ ------------- Cash flows from investing activities Increase/(decrease) in fixed assets 34 - Net movement in investments - - - (Increase)/Decrease in Assets (21,951) 9,490 15,239 (Increase)/Decrease in Loans - 27 - Other investing activities 108,198 (116,744) Net cash flow from investing activities (21,951) 117,749 (101,505) -------------- ------------ ------------- Cash flows from financing activities (Decrease)/Increase in loans
payable (10,595) (389,276) (64,007) Issue of shares for cash 983,325 - 747,289 Interest Paid - - - Net cash flow from financing activities 972,730 (389,276) 683,282 -------------- ------------ ------------- Effects of exchange rates on cash and cash equivalents (153,988) 330,260 (754) Net increase/(decrease) in cash 11,843 (202,755) (232,429) Cash at bank at 1 January 24,428 256,857 256,857 Cash at bank at period end 36,271 54,102 24,428 -------------- ------------ -------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
September 30, 2019 02:00 ET (06:00 GMT)
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