Central Asia Metals shares soar on results

Caitlin Morrison
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SHARES in Central Asia Metals were up by 6.05 per cent yesterday, after the copper producer announced it would pay a final dividend of 12.5p for 2014.

The company posted revenue of $76.6m (£51.8m) for the year, up 42 per cent on the $54.1m reported in 2013.

In its results, the firm addressed the volatility the copper market experienced during 2014, which saw the price fall by 18 per cent over the course of the year.

The Kazakhstan-focused group said it managed to remain profitable despite the price reductions, which continued into the beginning of 2015, because of the low costs of production at its Kounrad operation.

Chief executive Nick Clarke said yesterday: “This is a very strong set of results with a lovely dividend for our shareholders.

“What we have tried to show the market since 2012 is that we are able to pay a dividend, so we will pay a dividend.”

He told City A.M. that the payout to shareholders represented around 28 per cent of the revenue recorded last year.