Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Endeavour Mining's Q1 profits drop but guidance unchanged
(Sharecast News) - Gold miner Endeavour Mining on Thursday reported a drop in production and selling volumes in the first quarter, along with a big jump in costs, though adjusted profits came in line with expectations. The company, which operates mines in Côte d'Ivoire, Burkina Faso and Senegal, said gold output dropped 22% over the three-month period to 219,000 ounces, while gold sold fell 21% to 225,000 ounces.
Meanwhile, the all-in sustaining cost was up 25% compared with the fourth quarter of 2023 at $1,186 an ounce, partially offset by a 5% improvement in the realised gold price to $2,041 an ounce.
As a result, first-quarter revenues totalled $473m, broadly flat on the first quarter of 2023 but well below the $579m reported in the fourth quarter.
Earnings from mine operations declined to $130m, from $178m the year before and $198m in the fourth quarter, coming up short of the $143m expected by analysts at Berenberg. However, adjusted EBITDA of $213m, while down 27% compared with the fourth quarter, was in line with estimates.
"Our operational performance is tracking in line with our group guidance, as production and costs are expected to progressively improve throughout the year, with performance strongly weighted towards the second half, as our two organic growth projects ramp up, and we expect significantly stronger performance from our Houndé mine," said chief executive Ian Cockerill.
"Despite investing over $235 million in organic growth, exploration and shareholder returns during the quarter, our leverage remains healthy at 0.80x net debt to adjusted EBITDA, and we are well positioned to quickly de-lever our balance sheet and increase our commitment to shareholder returns, to reflect our transition from a phase of growth to one focused on cash flow generation."
The stock was down 2.2% at 1,659p by 0944 BST.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.