LONDON (ShareCast) - (Sharecast News) - Shares in precious metals miner Hochschild surged in early trading after revealing it had returned to pre-tax profit in FY24.
Hochschild reported a pre-tax profit of $177.2m for FY24, a marked improvement on the prior year's $43.5m loss, while revenues grew 37% to $947.7m, principally due to a 19% increase in gold prices and a 22% improvement in silver prices.

Adjusted underlying earnings were up 54% at $421.4m, while basic earnings per share came to $0.19 each, up from the prior year's loss of $0.10 per share after exceptional items. Net debt narrowed from $257.9m to $215.6m.

FY production came to 347,374 gold equivalent ounces, with Hochschild stating it was now targeting a production range of 350,000-378,000 equivalent ounces in FY25.

As a result of its return to profit, Hochschild also reinstated its dividend payout, recommending a final dividend of $1.94 per share, totalling $10.0m.

Chief executive Eduardo Landin said: "We are pleased to announce our best financial performance for 13 years, a testament to our exceptional team and high-quality assets. Our growth strategy continues to deliver, with the addition of a record 2.8m gold-equivalent ounces of mineable resources, extending the life of all our current operations and two major growth projects are now being developed that could boost annual production by over 200,000 ounces.

"In line with our commitment to shareholder value, we are restoring our dividend and introducing a clear dividend policy, underscoring our focus on sustainable returns. Our team remains dedicated to maximising value, optimising costs, and ensuring long-term growth."

As of 0910 GMT, Hochshild shares had surged 15.22% to 221.0p.







Reporting by Iain Gilbert at Sharecast.com

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