30 sep 25   bisichi plc - half-year report bisichi plc | bisi | 95.0 -17.5 (-15.6%) | mkt cap: 10.1m    30 september 2025 b isichi plc interim results for the period ended 30 june 2025 for the six months ending 30thjune 2025: ebitda [1]:                     £0.14million               (2024: £7.35million)                  adjusted ebitda [2]:     £0.09million                (2024: £6.65million) earnings impacted by lower production and higher mining costs at black wattle, the group’s south african mining operation. lower overall commodity prices achieved by sisonke coal processing, the group’s coal processing operation were offset by improved coal qualities and processing yields. an interim dividend of 3p (h1 2024: 3p) declared. end for further information, please call: andrew heller/garrett casey      bisichi plc                             020 7415 5030 [1] earnings before interest, taxation, depreciation and amortisation. [2] operating profit before depreciation, fair value adjustments and exchange movements.  bisichi plc half year review – 30 june 2025 for the six month period ended 30 june 2025, your company made a profit before interest, tax, depreciation and amortisation (ebitda) of £0.14million (h1 2024: £7.35million) and an operating profit before depreciation, fair value adjustments and exchange movements (adjusted ebitda) of £0.09million (h1 2024: £6.65million). the lower earnings for the group, compared to the first six months of 2024, are mainly attributable to lower mining production and higher mining costs at our south african coal mining asset, black wattle colliery. lower prices for coal sold by sisonke coal processing, the group’s south african coal processing operation, also impacted earnings but were offset by improved coal qualities and yields through the washing plant. at black wattle, the group achieved production of 545,000 metric tonnes, compared to 708,000 metric tonnes in the first half of 2024 and 788,000 in the second half of the year. in order to reduce elevated run of mine coal inventories that had accumulated from 2024, management made the decision to reduce run of mine production during the period. the reduced production along with higher mining costs impacted profitability during the period. looking forward, in order to offset the impact of suppressed coal markets and lower overall coal prices, plans were made to transition to southern sections of our existing mining area in order to benefit from the lower mining costs and improved coal qualities in these areas. the transition to these areas will be implemented by early 2026. during the period, the weekly price of free on board (fob) coal from richards bay coal terminal (api4 price) averaged us$92 compared to us$101 in the first half of 2024, and us$111 in the second half of the year. at present, the api4 price is now below $85. prices achievable in the domestic market were also lower during the period, compared to the first half of 2024, due to the knock-on impact of lower overall international coal prices. however, the group was able to miti gate this impact through the selling of higher quality coal during the period. the improved coal qualities and processing yields from the new areas mined during 2025, along with a reduction in run of mine coal inventories, ensured the group maintained sales volumes during the period. the group sold 619,000 metric tonnes compared to 618,000 metric tonnes in the first half of 2024 and 1.19million metric tonnes overall in 2024. looking forward into the second half of 2025 and 2026, we remain optimistic about the continued benefits from black wattle’s improved coal qualities and the mining areas that we plan to move into. however, we are mindful of the current coal market volatility with lower seaborne coal prices, reflecting a temporary buildup in global coal supply and a slowdown in demand, that have impacted coal revenue in 2025 to date. with such uncertainty we are approaching the remainder of this year with caution and we are proactively managing this by implementing the plans outlined above and maintaining a diversified customer base. in the uk, rental revenue from our retail property portfolio remained stable in the first half of 2025. overall, the group billed revenue from our directly owned property portfolio of £0.53million (h1 2024: £0.54million) during the first half of the year. as previously reported, at our development site in west ealing, the planning consent for 56 flats and four retail units has been fully implemented. the market for residential development remains particularly challenging due to increased construction costs and the uncertainty arising from the practical implementation of new building safety act, particularly around tall buildings. we continue to refine the estimated construction pricing with our preferred contractors and to explore the best options for the sale of the flats, including a pre-sale. our view of the value of the development has not changed from the 2024 year end, but there remain significant risks that may impact our overall financial return from this project including potential further write-downs of our equity position. during the period, the group’s total non-current and current listed equity investments held at fair value through profit and loss decreased to £13.7million (h1 2024: £15.9million). the group achieved gains on investments during the period of £0.24million (h1 2024: £0.92million) as well as dividend income from investments during the period of £0.12million (h1 2024: £0.16million). as at 30thjune 2025, the fair value of the group’s listed equity related investment portfolios comprised: 57% of investments in listed equities with a market capitalisation of greater then £10billion; 28% of investments in listed equities with a market capitalisation of greater then £1bn and less then £10billion; 4% of investments in listed equities with a market capitalisation of less then £1bn; and 11% of an investment in a listed equity related investment fund. the listed equities and listed equity related investment fund are primarily involved or invested in extractive and energy related business activities, including entities involved in the extraction of commodities needed for the clean energy transition.   finally, your directors intend to pay an interim dividend of 3p (2024: 3p) per share. the dividend will be payable on friday 6 february 2026 to shareholders registered at the close of business on 9 january 2026. in light of the reduced coal price and the challenges explained above, on behalf of the board and shareholders, i would like to thank all of our staff and partners in our south african operations for their hard work and significant contribution during what has been a challenging period. andrew heller executive chairman & managing director 29 september 2025                     bisichi plc consolidated income statement for the six months ended 30 june 2025 unaudited unaudited audited  6 months ended            6 months ended year ended 30 june 30 june 31 december 2025 2024 2024 notes  £000  £000  £000 group revenue 1 24,853 23,480 52,289 operating costs         (26,648)         (18,428)           (45,507) operating (loss)/profit on trading activities (1,795) 5,052 6,782 decrease in value of investment properties                  -              -                    150   gain on investments held at fair value 241 920 68 operating (loss)/profit 1           (1,554)           5,972             7,000 share of loss in joint ventures (145) (250)                  (626) (loss)/profit before interest and taxation (1,699) 5,722            6,374 interest receivable                  39 64                 110 interest payable              (418)              (776)               (1,464) (loss)/profit before taxation 1 (2,078) 5,010             5,020 income tax 2               569               (1,321)                 (1,615)  (loss)/profit for the period          (1,509)          3,689             3,405 attributable to: equity holders of the company (1,001) 1,957 1,117 non-controlling interest (508) 1,732                2,288 (loss)/profit for the period         (1,509)         3,689             3,405 loss/earnings per share - basic 3 (9.38p) 18.33p 18.33p loss/earnings per share - diluted 3 (9.38p) 18.33p 18.33p bisichi plc consolidated statement of comprehensive income for the six months ended 30 june 2025 unaudited unaudited audited  6 months ended                                      6 months ended year ended 30 june 30 june 31 december 2025 2024 2024  £000  £000  £000 (loss)/profit for the period (1,509) 3,689 3,405 other comprehensive income/(expenses): exchange differences on translation of foreign operations       (278)       175         (122) taxation - - - other comprehensive (loss)/income for the period, net of tax    (278)    175         (122) total comprehensive (loss)/income for the period     (1,787) 3,864         3,283 attributable to: equity shareholders     (1,175)    2,059         1,040 non-controlling interest       (612)       1,805          2,243 total comprehensive (loss)/income for the period     (1,787)     3,864         3,283   bisichi plc consolidated balance sheet  as at 30 june 2025 unaudited unaudited audited 30 june 2025 30 june 2024 31 december 2024 assets £000 £000 £000 non-current-assets value of investment properties 10,760 10,648 10,760 fair value of head leases       206       170       206 investment property 10,966 10,818 10,966 mining reserves, plant and equipment 20,955 22,661 22,771 investments in joint ventures 485 1,006 631 other investments at fair value through profit and loss (“fvpl”)    13,245    15,181   14,339 total non-current assets   45,651   49,666   48,707 current assets inventories 3,675 3,432 3,377 trade and other receivables 4,551 8,295 7,794 investments in listed securities held at fvpl 459 768 628 cash and cash equivalents   1,696   1,784  1,175 total current assets  10,381  14,279       12,974 total assets  56,032  63,945  61,681 liabilities current liabilities borrowings (1,375) (6,385) (2,266) trade and other payables (12,710) (13,042) (12,895) current tax liabilities     (2,372)     (4,750)    (3,801) total current liabilities   (16,457)   (24,177)  (18,962) non-current liabilities borrowings (3,760) (18) ( 3,858) provision for rehabilitation (1,541) (1,635) (1,590) finance lease liabilities (241) (271)  (328) deferred tax liabilities              (117)              (813)     (813) total non-current liabilities  (5,659)  (2,737)  (6,589) total liabilities (22,116) (26,914) (25,551) net assets    33,916    37,031    36,130 equity share capital 1,068 1,068  1,068 share premium 258 258 258 translation reserve (3,278) (2,926) (3,105) other reserves 1,112 1,112  1,112 retained earnings   31,522  34,110 32,950 total equity attributable to equity shareholders   30,682  33,622 32,283 non-controlling interest     3,234         3,409         3,847  total equity    33,916    37,031    36,130 bisichi plc consolidated cash flow statement for the six months ended 30 june 2025 unaudited unaudited audited            30 june 30 june 31 december 2025 2024 2024  £000  £000  £000 cash flows from operating activities operating (loss)/profit (1,554) 5,972 7,000 depreciation 1,835 1,628              4,044 unrealised gain on investments (241) (920) (68) unrealised loss on investment properties - - (150) exchange adjustments 52 (27) 24 movement in working capital 2,647 (318)               393 net interest paid (379) (712)               (1,334) income tax paid (1,431) (721)               (1,789) cash flow from operating activities 929 4,902               8,120 cash flows from investing activities 696 (5,215)             (8,039) cash flows from financing activities (217) (43)              (897) net increase/(decrease) in cash and cash equivalents 1,408 (356)             (816)  cash and cash equivalents at 1 january (1,083) (292)             (292)  exchange adjustment 5 (5)                  25  cash and cash equivalents at end of period 330 (653)              (1,083) cash and cash equivalents for the purposes of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts: cash and cash equivalents 1,696 1,784 1,175 bank overdrafts (1,366) (2,437)            (2,258) cash and cash equivalents at end of period 330 (653)              (1,083) bisichi plc consolidated statement of changes in shareholders' equity for the six months ended 30 june 2025 share share translation available for sale other retained non- controlling total capital premium reserve reserves reserves earnings total interest equity £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 balance at 1 january 2024 1,068 258 (3,028) - 1,112 32,580 31,990 1,604 33,594 profit for the period - - - - - 1,957 1,957 1,732 3,689 other comprehensive income and expense - - 102 - - - 102 73 175 total comprehensive  income  for the period - - 102 - - 1,957 2,059 1,805 3,864 dividend - - - - - (427) (427) - (427) balance at 30 june 2024 1,068 258 (2,926) - 1,112 34,110 33,622 3,409 37,031 balance at 1 january 2024 1,068 258 (3,028) - 1,112 32,580 31,990 1,604 33,594 profit for the year - - - - - 1,117 1,117 2,288 3,405 other comprehensive income and expense - - (77) - - - (77) (45) (122) total comprehensive  income  for the year - - (77) - - 1,117 1,040 2,243 3,283 dividend - - - - - (747) (747) - (747) balance at 31 december 2024 1,068 258 (3,105) - 1,112 32,950 32,283 3,847 36,130 loss for the year - - - - - (1,001) (1,001) (508) (1,509) other comprehensive income and expense - - (174) - - - (174) (104) (278) total comprehensive  loss  for the period - - (174) - - (1,001) (1,175) (612) (1,787) dividend - - - - - (427) (427) - (427) balance at 30 june 2025 1,068 258 (3,279) - 1,112 31,522 30,681 3,235 33,916 accounting policies and notes to the accounts:                                                                                                                                                              the results for the six months ended 30 june 2025 have been prepared in accordance with international financial reporting standards (ifrs).  the principal accounting policies applied are the same as those set out in the financial statements for the year ended 31 december 2024, and which will form the basis of the 2025 annual report. segmental analysis for management purposes, the group is organised into two operating divisions, mining and property. these divisions are the primary basis on which the group reports its segment information. this is consistent with the way the group is managed and with the format of the group's internal financial reporting. unaudited unaudited audited            30 june 30 june 31 december 2025 2024 2024  £000  £000  £000 revenue mining 24,204 22,777 50,683 property 533 541              1,266 other 115 162 340               24,852 23,480 52,289 operating (loss)/profit mining (2,184) 4,658               5,793 property 275 233 803 other 355 1,081 404 (1,554) 5,972               7000 share of loss in joint ventures (145) (250) (626) interest receivable 39 64 110 interest payable (418) (776) (1,464) (loss)/ profit before taxation (2,078) 5,010 5,020 taxation           unaudited unaudited audited            30 june 30 june 31 december 2025 2024 2024  £000  £000  £000 based on the results for the period: corporation tax at 27% (2024: 27%) 67 228 462 deferred taxation (636) 1,093 1,153 (569) 1,321 1,615 earnings/ (loss) per share both the basic and diluted earnings per share calculations are based on a loss of £1,001,000 (2024: profit of £1,957,000). the basic earnings per share has been calculated on a weighted average of 10,676,839 (2024: 10,676,839) ordinary shares being in issue during the year. the diluted earnings per share has been calculated on the weighted average number of shares in issue of 10,676,839 (2024: 10,676,839) plus the dilutive potential ordinary shares arising from share options of nil (2024: nil) totalling 10,676,839 (2024: 10,676,839). investment properties investment properties are held at fair value at each reporting period. management evaluate on an ongoing basis the impact of the current economic performance of the uk retail market on the future performance of the group’s existing uk property portfolio. the directors have placed a valuation on the properties which is not materially different to the value as at 31 december 2024. therefore no change in fair value of investment properties has been made during the period. investment properties are therefore included at a director’s valuation which is considered to be the fair value as at 30 june 2025. please refer to page 86 to 88 of the 2024 annual report and accounts for details on the valuation of investment and development properties as at 31 december 2024. related parties the related parties and the nature of costs recharged are as disclosed in the group's annual financial statements for the year ended 31 december 2024. the group paid management fees of £100,000 (30 june 2024: £100,000 december 2024: £200,000) to london & associated properties plc, an associated company. financial information the above financial information does not constitute statutory accounts within the meaning of section 434 of the companies act 2006.   the figures for the year ended 31st december 2024 are based upon the latest statutory accounts, which have been delivered to the registrar of companies; the report of the auditors on those accounts was unqualified and did not contain a statement under section 498(2) or (3) of the companies act 2006.  as required by the disclosure and transparency rules of the uk'sfinancial conduct authority, the interim financial statements have been prepared in accordance with the international financial reporting standards (ifrs) and in accordance with both ias 34 'interim financial reporting' as adopted by the united kingdom and the disclosure requirements of the listing rules. the half year results have not been audited or subject to review by the company's auditors. the annual financial statements of bisichi plc are prepared in accordance with uk-adopted international accounting standards in conformity with the requirements of the companies act 2006. the same accounting policies are used for the six months ended 30 june 2025 as were used for the year ended 31 december 2024. the assessment of new standards, amendments and interpretations issued but not effective, are not anticipated to have a material impact on the financial statements. the largest areas of estimation and uncertainty in the interim financial statements are in respect of: life of mine and reserves; depreciation; provision for rehabilitation (relating to environmental rehabilitation of mining areas); impairment; and the valuation of investment and development properties property, plant and equipment representing the group’s mining assets in south africa are reviewed for impairment where there is evidence of a material impairment. the impairment test indicated significant headroom as at 31 december 2024 and no impairment was considered appropriate. the directors have used similar key assumptions and estimates as outlined on page 74 of the 2024 annual report and accounts, and no impairment was considered appropriate as at 30 june 2025. other areas of estimation and uncertainly are referred to in the group's annual financial statements. there have been no significant changes to the basis of accounting of key estimates and judgements as disclosed in the annual report as at 31 december 2024. the group’s contingent liabilities and bank guarantees are referred to in the group's 2024 annual financial statements. black wattle colliery (pty) ltd continues to be involved in a tax dispute in south africa related to vat. the dispute arose during the year ended 31 december 2020 and is related to events which occurred prior to the years ended 31 december 2020. the interpretation of laws and regulations in south africa where the group operates can be complex and can lead to challenges from or disputes with regulatory authorities. such situations often take significant time to resolve. where there is a dispute and where a reliable estimate of the potential liability cannot be made, or where the group, based on legal advice, considers that it is improbable that there will be an outflow of economic resources, no provision is recognised. further details of the contingent tax liability can be found on page 108 of the 2024 annual report and accounts. the interim financial statements have been prepared on the going concern basis. cashflow forecasts demonstrate that the group has adequate resources to continue in operational existence for the foreseeable future and is well placed to manage its business risks. dividend the final dividend in respect of 2024, totalling £427,074 was approved  by the shareholders at the annual general meeting held on the 18th june 2025 and was paid on the 25th july 2025. the final dividends in respect of 2024 are included as a liability in these interim financial statements. a proposed interim dividend for the year ended 31 december 2025 totalling £320,305 (2024: £320,305) was approved by the board of directors on 29 september 2025 and has not been included as a liability in these interim financial statements. principal risks and uncertainties the group has an established risk management process which works within the corporate governance framework as set out in the 2024 annual report and accounts. risks and uncertainties identified by the group are set out on page 20 to 23 of the 2024 annual report & accounts and are reviewed on an ongoing basis. there have been no significant changes in the first half of 2025 to the principle risks and uncertainties as set out in the 2024 annual report & accounts. risks faced by the business are assessed by the board on an ongoing basis. strategies for mitigating the risks have  been defined and specific measures for achieving these are already underway. these include the measures outlined in the chairman’s statement, mining review and financial review & performance sections of the 2024 annual report and accounts. the principal risks as stated in the 2024 annual report & accounts reflect the challenging environment in which the business operates and are considered under the following broad headings: mining: coal price and volume risk mining risk currency risk new reserves and mining permissions power supply risk flooding risk environmental risk health & safety risk climate change risk labour risk socio-economic, political instability & regulatory environment risk cashflow property: property valuation risk board approval these interim results were approved by the board of bisichi plc on 29 september 2025. directors responsibility statement and report on principal risks            and uncertainities      responsibility statement we confirm to the best of our knowledge: (a)  the condensed set of financial statements have been prepared in accordance with ias 34 interim financial reporting as adopted by the eu;        (b)  the interim management report includes a fair review of the information required by: (1) dtr 4.2.7r of the disclosure and transparency rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (2) dtr 4.2.8r of the disclosure and transparency rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during the period; and any changes in the related party transactions described in the last annual report that could do so. this report contains forward-looking statements. these statements are based on current estimates and projections of management and currently available information. future statements are not guarantees of the future developments and results outlined therein. rather, future developments and results are dependent on a number of factors; they involve various risks and uncertainties and are based upon assumptions that may not prove to be accurate. risks and uncertainties identified by the group are set out on page 20 to 23 of the 2024 annual report & accounts. we do not assume any obligation to update the forward-looking statements contained in this report. andrew heller   executive chairman & managing director 29 september 2025                     directors and advisers                                                                     directors                                              andrew r heller ma, aca (executive chairman & managing director)                                                                                                                            robert grobler pr cert eng (mining director)                                                                            garrett casey ca (sa) (finance director)  john wong aca, cfa (non-executive)  clement robin parish (non-executive)                                                                john heller llb mba (non-executive)                                                                           rt hon. stephen crabb mba, bsc(non-executive) secretary & registered office             garrett casey ca (sa)                                                                                                                12 little portland street                                                                          london  w1w 8bj                      black wattle colliery - directors          andrew heller (managing director)                                                                     garrett casey (finance director)                                                             ethan dube (commercial director)  robert grobler (mining director)                                                                       millicent zvarayi registrars and transfer office             mufg corporate markets central square 29 wellington street leeds ls14dl                                                                                                                     uk telephone: 0371 664 0300 international telephone: +44 (0) 371 664 0300 (calls are charged at the standard geographic rate and will vary by provider. calls outside the united kingdom will be charged at the applicable international rate.  lines are open between 9.00am to 5.30pm, monday to friday excluding public holidays in england and wales)    website:  https://www.mpms.mufg.com/                                                            e-mail:  shareholderenquiries@cm.mpms.mufg.com    company registration number           00112155 (incorporated in england and wales)    web site                                             www.bisichi.co.uk          e-mail                                                 admin@bisichi.co.uk       return to news summary

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