LONDON (ShareCast) - (ShareCast News) - Gold miner Pan African Resources posted a decline in annual revenue and earnings and trimmed its dividend but said it remained confident business will improve in the current financial year.
In the 12 months to the end of June, the London-listed company saw its headline earnings slump 53% year-on-year to 213.6m rand (£10.5m), as gold production was affected by the lower grade mining cycle at the Evander gold mine.

Revenue slid 3% to 2.54bn rand, dragged lower by a 6.5% year-on-year decline in gold production to 175,857oz, which offset increased rand per kilogram prices.

In a statement released on Wednesday, the group said its cash holdings declined 36.6% to 64m rand, while net debt more than trebled to 321m rand.

As a result, the group decided to trim its full year dividend by 18.6% to 11.466 cents, although it said the reduced dividend was not a departure from its progressive dividend policy and the board will consider an interim dividend in the 2016 financial year.

"Having implemented a number of corrective measures to resolve the issues that impacted on the 2015 financial year, the group is well positioned to deliver an improved performance in 2016," group chief executive Cobus Loots said.

Pan African Resources shares were down 0.68% to 7.25p at 0941 BST on Wednesday.

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