Independence Group NL (ASX: IGO)- IGO announced tremendous growth in profit ahead of Nova acquisition

  • Aug 29, 2018 AEST
  • Team Kalkine
Independence Group NL (ASX: IGO)- IGO announced tremendous growth in profit ahead of Nova acquisition

Independence Group’s net profit after tax increased 210% to $52.7 million in FY18, driven by significant contribution from Nova operation in its first year of commercial production.

Underlying EBITDA grew 125% to $338.6 million for the period ended 30 June 2018 as total revenue and other income increased to $780.6 million, compared to $421.9 million in prior year. This strong growth in revenue is underpinned by Tropicana’s increased gold production, rise in Australian dollar metal prices, first ever commercial production at Nova and gain on sale proceeds of Jupiter mine.

As at 30 June 2018, underlying free cash flow increased to $138 million from negative $113 million in FY17, thereby reflecting strong operating cash flow including $93 million contribution from Nova operation.

Final fully franked dividend of 2 cents per share was declared for FY18, bringing total FY18 dividend to 3 cents per share. The final dividend is payable on 27 September 2018 with record date of 14 September 2018.

As per FY19 guidance, Tropicana’s gold production is expected to range between 500,000-550,000 oz on 100% basis while Nova’s nickel, copper and cobalt production has also been anticipated to grow significantly.

IGO has shown daily positive price change of 0.464% to $4.330 on 29 August 2018 (4:52 PM AEST).

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