Kenmare - FY22 results – another record year of financial performance

Davy Research
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FY22 marks the second successive year of record profit growth for Kenmare Resources. While cost pressures increased in FY22 (fuel, labour), this was more than offset by a 42% increase in aggregate average selling price across its products. FY23 guidance has been maintained – market demand for its products remains ‘buoyant’, albeit at modestly lower levels than the Q322 peak. We currently envisage limited changes to our current forecasts.