- Generated revenue of
$32.6M , a 17% decrease compared to Q2-2022; - Delivered EBITDA of
$6.2M or 19% of revenue compared to$11.9M or 29% in Q2-2022; - Achieved net income of
$2.0M or$0.04 per Ordinary Share, compared to$5.9M or$0.13 per Ordinary Share in Q2-2022; - Generated Return on Capital Employed (ROCE) of 20% and Return on Equity (ROE) of 13%; and
- Ended the quarter with net cash (excluding right of use liabilities) of
$6.4M .
- Achieved a new milestone of 12.8M LTI free hours;
- Reduced the Company's presence in
Burkina Faso , due to security concerns and expect to complete final drill program in the third quarter of 2023; - Secured a new contract in
Senegal and expect to be drilling in the third quarter of 2023; - Awarded a new contract in
Peru and expect to be drilling in the third quarter of 2023; and - Secured an additional contract during the quarter in
Egypt .
- Demand for drilling services has continued to increase and the Company expects the robust mining and exploration cycle will continue in 2023;
- Gold price continues to provide a strong tailwind for exploration drilling; and
- Expanding geographical reach and commodity diversification.
US$ 000s (except earnings per | For the three months ended | For the three months ended | For the six | For the six |
Revenue | ||||
Gross profit | ||||
Gross profit margin | 24 % | 32 % | 28 % | 31 % |
EBITDA(1)(2) | ||||
EBITDA margin | 19 % | 29 % | 24 % | 30 % |
Net Income | ||||
Earnings per share - | ||||
Return on Equity (ROE) | 13 % | 16 % | 13 % | 16 % |
Return on Capital | 20 % | 21 % | 20 % | 21 % |
Total Equity |
Notes: |
(1) EBITDA = earnings before interest, taxes, depreciation and amortization |
(2) Please see "Non-IFRS Measures" below for additional discussion |
"Our financial results were impacted by lower than expected results and our decision to withdraw from
"Our business strategy all along has been simple; to provide diverse mineral drilling services, back-stopped by unparalleled access to a high performance rig fleet. This strategy delivered steady growth over many years, including outstanding results over multiple consecutive reporting periods as the Company expanded geographically from its original stronghold of
Geodrill's condensed interim consolidated financial statements and management's discussion & analysis ("MD&A"), for the three and six month period ended
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Geodrill has been successful in establishing a leading market position in
This press release may contain "forward-looking information" which may include, but is not limited to the future financial or operating performance of the Company, its subsidiaries, future growth, results of operations, performance, business prospects and opportunities. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations (including negative variations) of such words and phrases, or by the use of words or phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release including, without limitation those described in the Management's Discussion & Analysis for the year ended
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