Goldplat falls 12.5% on profit warning

Goldplat plunged 12.5% on Monday after saying its operating loss will be the same as last year.

The gold producer posted an operating loss of £0.83m during the first-half ended 31 December 2014 and now expects to report "materially the same" loss for the year ended 30 June 2015.

The group warned during its half-year results published in March that it was uncertain whether the structural changes carried out during the period would be sufficient to quickly eliminate the first half loss within the current financial year.

Chief executive Gerard Kisbey-Green said: "The substantial improvements in trading have not flowed through as rapidly as we had hoped.

"In particular, resumption of operations and improvements in Ghana were not realised during the period with significant value still in the pipeline at the year-end."

On a brighter note, Kisbey-Green added management is currently budgeting for an overal operating profit in 2016 and believe capital projects will be funded internally with peak funding requirements being financed by non-equity capital during the period.

Shares were down 12.5% to 1.75p on Monday at 12:08.