PRE-TAX profit at gold miner Randgold Resources dropped to £353m last year, down from £402m in 2013.
The group produced 1.15m oz of gold in 2014, up from 910,274 oz the previous year, and gold sales increased from £1.27bn to £1.43bn.
Chairman Christopher Coleman said: “Against the background of a bear market in gold and an industry under pressure, it is a remarkable achievement that Randgold increased its production to over one million ounces, thereby achieving a long term goal.”
He added that although the company’s profit was “inevitably impacted by the gold price”, the board was “still sufficiently confident” in the group’s prospects to propose a 20 per cent increase in the annual dividend.
This would take it up to 60 cents per share in the eighth consecutive dividend rise that Randgold has made.