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Kenmare Resources H1 Pretax Profit Declines; Declares Maiden Dividend

Kenmare Resources plc (KMR.L) said it delivered a robust financial performance in first-half 2019, despite challenging weather conditions leading to lower total finished products shipped. The company expects to deliver stronger revenues and increased profitability in second half 2019, as shipping volumes are expected to be second half weighted and higher ilmenite prices have been agreed for the second-half. The company also announced its maiden dividend.

For the first-half, profit before tax declined to $22.8 million from $28.8 million, a year ago. Earnings per share was $0.20 compared to $0.24.

First-half revenues decreased 12% year-on-year to $122.7 million from $140.1 million, due primarily to an 18% decrease in tonnes of finished products sold to 483,500 tonnes, partially offset by a 7% increase in the average FOB sales price.

The Board has declared an interim dividend of 2.66 cents per share. The company proposes to pay the interim dividend on 25 October 2019 to shareholders of record at the close of business on 27 September 2019.

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