Independence Group (IGO) released FY18 full year results with record sales revenue of $778m, record underlying EBITDA of $339m and NPAT of $53, up 85%, 125% and 210% respectively. Revenue was in line with Argonaut’s forecast, however EBITDA and NPAT were higher primarily driven by a lower than predicted D&A charges and the sale of a gold royalty. The YoY increase in was primarily driven by the Nova hitting commercial production. Nova contributed $349m to revenue and $46m to NPAT. Higher ounces (up 8%) and a 5% increase in the gold price raised Tropicana’s NPAT contribution by $28m YoY. Long and Jaguar contributed $31m lower EBITDA in FY18, with the former now placed on care and maintenance and the latter divested to Copperhem in May 2018. Net debt decreased from $168m at the start of FY18 to $4m at financial year end ($139m cash and $143m debt). IGO declared a fully franked 2¢/sh dividend.
To access our Independence Group report please log in under the Client Area Log In at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
+61 8 9224 6888
+852 3557 4888