Western Areas Reports Full Year Results and FY19 Guidances

Western Areas (ASX:WSA) has announced its financial results for the year ended 30 June 2018, and key operational guidance metrics for the year ending 30 June 2019.

According to the release, Western Areas has delivered a robust financial result, with a strong return to underlying profitability following an improved, but still volatile, nickel price compared to the prior financial year ending 30 June 2017. Key financial metrics have improved, including EBITDA and EBITDA margin growth, which have flowed through to a AU$23.4m improvement in underlying profitability. The company also generated strong cashflows, increasing operating cashflow to AU$77.0m for the year, and is well positioned to fund and complete several organic growth projects.

The company also reported its FY19 guidances as 20,500-22,000 tonnes of nickel concentrate.

“Production is expected to be broadly in line with FY18 with the mid-point of guidance slightly higher than FY18. Spotted Quoll will account for approximately 60 percent of ore feed, with Flying Fox providing the balance. A focus in FY19 will be the ramping up of production volumes at MREP following the achievement of product specification in FY18. MREP volume is forecast to contribute between 300 to 400 nickel tonnes, but nearing nameplate output towards the back half of FY19.”

Click here to read the full Western Areas (ASX:WSA) press release.