Higher Gold Price Drives Evolution Records

Evolution Mining (ASX:EVN,OTC Pink:CAHPF) has reported a record half-year statutory net profit after tax of AU$147.2 million and record underlying net profit after tax of AU$149.1 million for the six months ended December 31, 2019

Group cash generation was also at a record high of AU$242.4 million. As a result of this strong financial performance, the fully franked interim dividend has been doubled to 7.0 cents per share

Highlights are as follows:

• Records set in each of the following interim metrics
• Statutory net profit after income tax increased 62 percent to AU$147.2 million (H1 FY19: AU$91.1M)
• Underlying net profit after income tax increased 62 percent to AU$149.1 million (H1 FY19: AU$92.2M)
• EBITDA increased 23 percent to AU$441.2 million (H1 FY19: A$359.7M)
• Mine operating cash flow increased 32 percent to AU$511.8 million (H1 FY19: AU$387.9M)
• Net mine cash flow increased 48 percent to AU$351.8 million (H1 FY19: AU$237.8M)
• Group free cash flow increased 119 percent to AU$242.4 million (H1 FY19: AU$110.8M)
• EBITDA margin increased to 49 percent (H1 FY19: 48 percent)
• Evolution is debt free and increased its net cash position to AU$170.3 million (30 June 2019: AU$35.2M) after debt repayments totalling AU$300.0 million during the half-year.

Jack Klein, executive chairman, commented:

These record half year financial results demonstrate the quality of Evolution’s asset portfolio. The EBITDA margins and free cash flow generation of our business are sector leading. Our fully franked interim dividend of 7.0 cents per share ensures our shareholders continue to share in the benefits of the high cash generation from our diversified portfolio. Importantly, the attractive growth opportunities we are delivering at our key long life, high margin assets reflect the sustainability of this strong cash generation.

Click here to read the whole Evolution Mining (ASX:EVN,OTC Pink:CAHPF) press release.