Firestone Diamonds Records 52-percent Jump in Revenue

Firestone Diamonds plc (LSE:FDI) announced its final audited results for the year ended June 30, 2013, commenting that its revenue rose 52 percent, to 9.9 million pounds (US$15.9 million). Meanwhile, its cash operating loss fell by 88 percent, to 1 million pounds ($1.6 million).

Other highlights include:

RESTRUCTURING INITIATIVES

• Stuart Brown appointed as CEO designate on 2 September 2013
• Unlocking value from the non-core Botswana assets through disposal or joint venture arrangements
• Successful sale of South African alluvial assets

FINANCIAL

• Revenue increased by 52% to £9.9 million (2012: £6.5 million)
• Cash operating loss decreased by 88% to £1.0 million (2012: £8.3 million)
• Care and maintenance costs decreased by 50% to £0.4 million (2012: £0.8 million)
• Corporate expenses decreased by 17% to £1.9 million (2012: £2.3 million)
• Loss for the year decreased by 52% to £14.5 million (2012: £30.4 million)
• Placing concluded on 19 August 2013 raising £3.8 million net of expenses

Click here to read the full Firestone Diamonds plc (LSE:FDI) press release.