GEM DIAMONDS LIMITED

GEMD
Delayed Quote. Delayed  - 11/27 11:35:07 am
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GEM DIAMONDS : HALF YEAR 2020 RESULTS

09/04/2020 | 11:12am

Gem Diamonds Limited (LSE: GEMD) ('Gem Diamonds', the 'Company' or the 'Group') announces its Half Year Results for the six months ending 30 June 2020 (the 'Period').

FINANCIAL

Positive cash generation reduced the Group's net debt position by US$4.7 million during the Period to US$5.5 million

Cash on hand of US$17.5 million at 30 June 2020 (US$13.8 million attributable to Gem Diamonds)

The Group has unutilised facilities of US$51.6 million

Revenue of US$69.5 million (H1 2019: US$91.3 million)

Underlying EBITDA of US$11.3 million (H1 2019: US$25.3 million)

Loss from discontinued operations US$1.9 million relating to Ghaghoo (H1 2019: US$2.4 million)

The Business Transformation programme has delivered US$65.0 million, net of fees and costs, to the Group's results to date.

COVID-19 Response

In response to the global pandemic, the Group has implemented a COVID-19 Detection and Management Protocol which includes policies and procedures, guided by medical experts, various host country regulations and World Health Organization recommendations.

The Group has implemented a wide range of precautions to protect its workforce and prevent the spread of COVID-19. These measures include thermal screening, X-ray screening, polymerase chain reaction (PCR) screening, COVID-19 serology tests (rapid tests), promotion of sanitation measures, appropriate social distancing, compulsory wearing of face masks, training and counselling and the provision of personal protective equipment (PPE).

Commenting on the results today, Clifford Elphick, Chief Executive Officer of Gem Diamonds, said: 'One of the Group's foremost priorities is the welfare of its employees, contractors and the communities in which it operates. The Group is taking all necessary precautions to protect its people as part of its COVID-19 response.

LetSeng delivered satisfactory operational results notwithstanding the imposed shutdown of 30 days during the Period to curb the spread of COVID-19. The frequency of large diamonds recovered improved in all size categories greater than 10.8 carats when compared to the previous period.

Despite the challenging global conditions, the sales results during the Period demonstrated the continued demand for LetSeng's high quality diamonds, achieving an average price of US$1 707 per carat. It is also pleasing to note the reopening of key sectors within the diamond industry, in particular the manufacturing sector, which should support positive demand in the short to medium term.' The Company will host a live audio webcast presentation of the full year results today, 3 September 2020, at 9:30 BST. This can be viewed on the Company's website: www.gemdiamonds.com.

Contact:

Tel: +44 (0) 208 434 2643

(C) 2020 Electronic News Publishing, source ENP Newswire

© Acquiremedia 2020
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