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LONDON - Caracal Gold PLC, an East African gold producer, reported an increased net liability position of £15.19 million for the six months ended December 31, 2024, up from £11.98 million at the end of June 2024, according to its unaudited interim results released Friday.
The company, which has gold operations in Kenya and Tanzania, recorded no revenue during the period due to the cessation of production. This led to a reduced gross loss of £244,000 compared to £576,000 in the same period last year.
Finance costs rose significantly from £876,000 to £1.26 million, primarily driven by increased interest expenses from new financing facilities to support working capital needs. Administrative expenses decreased slightly to £1.2 million from £1.24 million in the prior year period.
The company’s cash position deteriorated to just £5,000 at the end of December 2024, down from £238,000 six months earlier. Cash outflow from operations was £1.02 million, an improvement from £1.15 million in the comparable period.
Caracal Gold raised £786,000 from loans during the period, down from £1.05 million in the previous year. The company’s shares remain suspended from trading on the London Stock Exchange (LON:LSEG) due to delayed financial reporting.
"The completion of the interims indicates that the Company is one step nearer to being able to lift the Company’s suspension and progress the prospectus," said Jason Brewer, CEO of Caracal Gold, in a statement based on the press release.
After the reporting period, the company announced several board changes, including the appointment of Jason Brewer as CEO following the resignation of Robbie McCrae on March 31, 2025.
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