Firestone Diamonds Records 52-percent Jump in Revenue

- October 4th, 2013

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).

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.

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