Kenmare Resources (CDI)

KMR · Main Market · Basic Resources · mcap £200m · 225.5p

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Financials · LTM to 30 Jun 26

Source: results 19 Aug 26 ↗

Going-concern uncertainty

Revenue: £231m
Operating profit: −£183m
Net income: −£199m
Free cash flow: −£57.2m
Net debt: £130m
Market cap: £201m
EV / EBIT: –
FCF yield: −28.4%
Price / book: 0.3×

Latest half-year · H1 26 vs H1 25 results 19 Aug 26 ↗

Revenue: £111m
Operating profit: −£19.0m
Net income: −£25.4m
Cash from operations: £9.9m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 19 Aug 26 · read the results ↗

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	FY 25 source	FY 24 source
Revenue	328,573	414,747
Cost of sales	(310,209)	(319,371)
Gross profit	18,364	95,376
Administration expenses	(17,413)	(6,160)
Impairment loss	(301,341)	-
Operating (loss)/profit	(300,390)	89,216
Finance income	1,976	3,638
Finance costs	(17,182)	(10,784)
(Loss)/profit before tax	(315,596)	82,070
Income tax expense	(9,452)	(17,179)
(Loss)/profit for the financial year and total comprehensive income for the financial year	(325,048)	64,891
Attributable to equity holders	(325,048)	64,891
$ per share $ per share
Basic (loss)/earnings per share	(3.64)	0.73
Diluted (loss)/earnings per share	(3.64)	0.71

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	H1 26 source	H2 25 calc.	H1 25 source
Revenue	149,097	160,916	167,657
Cost of sales	(172,525)	(165,454)	(144,755)
Gross (loss)/profit	(23,428)	(4,538)	22,902
Administration expenses	(2,177)	(11,679)	(5,734)
Impairment loss	-	(201,000)	(100,341)
Operating loss	(25,605)	(217,217)	(83,173)
Finance income	630	816	1,160
Finance costs	(10,474)	(10,553)	(6,629)
Loss before tax	(35,449)	(226,954)	(88,642)
Income tax expense	1,345	(3,861)	(5,591)
Loss for the financial period and total comprehensive income for the financial period	(34,104)	–	(94,233)
Attributable to equity holders	(34,104)	(230,815)	(94,233)
$ per share $ per share
Loss per share: Basic	(0.38)	–	(1.06)
Loss per share: Diluted	(0.38)	–	(1.06)

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	30 Jun 26 source	31 Dec 25 source	31 Dec 24 source
Assets
Non-current assets
Property, plant and equipment	863,480	1,017,973	–
Right-of-use assets	684	1,095	–
Total non-current assets	864,164	1,019,068	–
Current assets
Inventories	96,328	112,796	–
Trade and other receivables	73,194	119,494	–
Current tax assets	2,135	1,278	–
Cash and cash equivalents	30,990	56,683	–
Total current assets	202,647	290,251	–
Total assets	1,066,811	1,309,319	–
Equity
Capital and reserves attributable to the
Company’s equity holders
Called-up share capital	97	97	–
Share premium	545,950	545,950	–
Other reserves	232,064	229,274	–
Retained earnings	3,246	385,763	–
Total equity	781,357	1,161,084	–
Liabilities
Non-current liabilities
Bank loans	197,949	77,991	–
Lease liabilities	504	971	–
Provisions	20,920	20,007	–
Total non-current liabilities	219,373	98,969	–
Current liabilities
Bank loans	5,914	–	–
Lease liabilities	315	285	–
Trade and other payables	58,434	47,755	–
Current tax liabilities	-	–	–
Provisions	1,418	1,226	–
Total current liabilities	66,081	49,266	–
Total liabilities	285,454	148,235	–
Total equity and liabilities	1,066,811	1,309,319	–
Balance at 1 January 2024	–	367,504	1,143,291
Profit for the financial year	–	64,891	64,891
Total comprehensive income for the year	–	64,891	64,891
Transactions with owners of the Company	–	–	–
Recognition of share-based payment expense	–	–	3,584
Exercise of share-based payment awards	–	1,486	(1,758)
Shares acquired by The Kenmare Resources plc Employee Benefit Trust	–	–	(3,169)
Shares distributed by The Kenmare Resources plc Employee Benefit Trust	–	–	2,363
Dividends paid	–	(48,118)	(48,118)
Total contributions and distributions	–	(46,632)	(47,098)
Balance at 1 January 2025	–	385,763	1,161,084
Loss for the financial year	–	(325,048)	(325,048)
Total comprehensive income for the year	–	(325,048)	(325,048)
Transactions with owners of the Company	–	–	–
Recognition of share-based payment expense	–	-	3,063
Exercise of share-based payment awards	–	807	(866)
Shares acquired by The Kenmare Resources plc Employee Benefit Trust	–	–	(540)
Shares distributed by The Kenmare Resources plc Employee Benefit Trust	–	–	1,251
Dividends paid	–	(24,171)	(24,171)
Total contributions and distributions	–	(23,364)	(21,263)
Balance at 31 December 2025	–	37,351	814,773

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	30 Jun 26 source	31 Dec 25 source	31 Dec 24 source
Assets
Non-current assets
Property, plant and equipment	863,480	1,017,973	–
Right-of-use assets	684	1,095	–
Total non-current assets	864,164	1,019,068	–
Current assets
Inventories	96,328	112,796	–
Trade and other receivables	73,194	119,494	–
Current tax assets	2,135	1,278	–
Cash and cash equivalents	30,990	56,683	–
Total current assets	202,647	290,251	–
Total assets	1,066,811	1,309,319	–
Equity
Capital and reserves attributable to the
Company’s equity holders
Called-up share capital	97	97	–
Share premium	545,950	545,950	–
Other reserves	232,064	229,274	–
Retained earnings	3,246	385,763	–
Total equity	781,357	1,161,084	–
Liabilities
Non-current liabilities
Bank loans	197,949	77,991	–
Lease liabilities	504	971	–
Provisions	20,920	20,007	–
Total non-current liabilities	219,373	98,969	–
Current liabilities
Bank loans	5,914	–	–
Lease liabilities	315	285	–
Trade and other payables	58,434	47,755	–
Current tax liabilities	-	–	–
Provisions	1,418	1,226	–
Total current liabilities	66,081	49,266	–
Total liabilities	285,454	148,235	–
Total equity and liabilities	1,066,811	1,309,319	–
Balance at 1 January 2024	–	367,504	1,143,291
Profit for the financial year	–	64,891	64,891
Total comprehensive income for the year	–	64,891	64,891
Transactions with owners of the Company	–	–	–
Recognition of share-based payment expense	–	–	3,584
Exercise of share-based payment awards	–	1,486	(1,758)
Shares acquired by The Kenmare Resources plc Employee Benefit Trust	–	–	(3,169)
Shares distributed by The Kenmare Resources plc Employee Benefit Trust	–	–	2,363
Dividends paid	–	(48,118)	(48,118)
Total contributions and distributions	–	(46,632)	(47,098)
Balance at 1 January 2025	–	385,763	1,161,084
Loss for the financial year	–	(325,048)	(325,048)
Total comprehensive income for the year	–	(325,048)	(325,048)
Transactions with owners of the Company	–	–	–
Recognition of share-based payment expense	–	-	3,063
Exercise of share-based payment awards	–	807	(866)
Shares acquired by The Kenmare Resources plc Employee Benefit Trust	–	–	(540)
Shares distributed by The Kenmare Resources plc Employee Benefit Trust	–	–	1,251
Dividends paid	–	(24,171)	(24,171)
Total contributions and distributions	–	(23,364)	(21,263)
Balance at 31 December 2025	–	37,351	814,773

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	FY 25 source	FY 24 source
Cash flows from operating activities
(Loss)/profit for the financial year after tax	(325,048)	64,891
Adjustment for
Expected credit losses	3,839	177
Share-based payments	3,063	3,584
Finance income	(1,976)	(3,638)
Finance costs	17,182	10,784
Income tax expense	9,452	17,179
Impairment loss	301,341	–
Depreciation	57,142	67,969
Total adjustment for	64,995	160,946
Change in
Provisions	3,239	1,496
Inventories	304	(13,539)
Trade and other receivables	45,105	33,978
Trade and other payables	2,978	7,976
Exercise of share-based payment awards	384	606
Cash generated from operating activities	117,005	191,463
Income tax paid	(7,185)	(25,378)
Interest received	1,976	3,638
Interest paid	(6,826)	(5,216)
Factoring and other trade facility fees	(1,996)	(2,592)
Debt commitment fees paid and other fees	(1,012)	(2,085)
Net cash from operating activities	101,962	159,830
Investing activities
Additions to property, plant and equipment	(205,025)	(152,591)
Net cash used in investing activities	(205,025)	(152,591)
Financing activities
Dividends paid	(24,171)	(48,118)
Market purchase of equity under Kenmare Restricted Share Plan	(540)	(3,169)
Drawdown of debt	120,000	131,370
Repayment of debt	–	(98,512)
Transaction costs of debt	–	(2,911)
Payment of lease liabilities	(285)	(264)
Net cash used in financing activities	95,004	(21,604)
Net decrease in cash and cash equivalents	(8,059)	(14,365)
Cash and cash equivalents at the beginning of the financial year	56,683	71,048
Cash and cash equivalents at the end of the financial year	48,624	56,683

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	H1 26 source	H2 25 calc.	H1 25 source
Cash flows from operating activities
Loss for the period after tax	(34,104)	–	(94,233)
Adjustment for
Share-based payments	1,485	1,521	1,542
Finance income	(630)	(816)	(1,160)
Movement in expected credit losses	(4,412)	–	(712)
Finance costs	10,474	10,553	6,629
Income tax expense	(1,345)	3,861	5,591
Impairment loss	-	201,000	100,341
Depreciation 8/9	30,013	27,069	30,073
Total adjustment for	1,481	16,924	48,071
Change in
Provisions	(750)	2,001	1,238
Inventories	16,959	11,517	(11,213)
Trade and other receivables	977	(7,089)	52,194
Trade and other payables	6,495	14,493	(11,515)
Exercise of share options	(489)	–	-
Cash generated from operating activities	24,673	38,230	78,775
Income tax paid	(1,777)	(3,775)	(3,410)
Interest received	630	816	1,160
Interest paid	(9,082)	(3,215)	(3,611)
Factoring and other fees paid	(1,161)	–	(906)
Debt commitments fees paid	-	–	(796)
Net cash from operating activities	13,283	30,750	71,212
Investing activities
Additions to property, plant and equipment	(30,083)	(90,052)	(114,973)
Net cash used in investing activities	(30,083)	(90,052)	(114,973)
Financing activities
Dividends paid	-	(8,878)	(15,293)
Market purchase of equity under KRSP	(307)	–	(540)
Drawdown of debt	-	70,000	50,000
Repayment of debt	-	-	-
Transaction costs of debt	(374)	440	(440)
Payment of lease liabilities	(153)	(143)	(142)
Net cash used in financing activities	(834)	61,419	33,585
Net decrease in cash and cash equivalents	(17,634)	2,117	(10,176)
Cash and cash equivalents at the beginning of the financial year	48,624	-	56,683
Cash and cash equivalents at the end of the period	30,990	–	46,507

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	230.8	249.4	324.6
Gross profit	(21.2)	13.9	74.6
Adjusted EBITDA	–	44.0	122.9
Exceptional / adjusting items	–	(228.7)	0.0
Operating profit	(182.8)	(228.0)	69.8
Share-based payments	2.2	2.3	2.8
Operating profit to net income
Finance costs	(15.7)	(13.0)	(8.4)
Profit before tax	(197.5)	(239.5)	64.2
Tax	(1.9)	(7.2)	(13.4)
Net income (owners)	(199.3)	(246.7)	50.8
Per share
EPS basic	(221.7p)	(270.3p)	58.2p
EPS diluted	(221.7p)	(270.3p)	56.6p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	110.9	−14%	120.0	129.4
Gross profit	(17.4)	n/m	(3.7)	17.7
Operating profit	(19.0)	n/m	(163.8)	(64.2)
Share-based payments	1.1	−7%	1.1	1.2
Operating profit to net income
Finance costs	(7.8)	+52%	(7.9)	(5.1)
Profit before tax	(26.4)	n/m	(171.1)	(68.4)
Tax	1.0	n/m	(2.9)	(4.3)
Net income (owners)	(25.4)	n/m	(174.0)	(72.7)
Per share
EPS basic	(28.7p)	–	(193.0p)	(77.3p)
EPS diluted	(28.7p)	–	(193.0p)	(77.3p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	32.3	77.4	125.1
Interest paid	(9.1)	(5.2)	(4.1)
Tax paid	(4.1)	(5.5)	(19.9)
Investing activities
Capex (PP&E)	(89.2)	(155.6)	(119.4)
Financing activities
Lease principal paid	(0.2)	(0.2)	(0.2)
Lease interest paid	–	(0.1)	(0.1)
Dividends paid	(6.5)	(18.3)	(37.7)
Share buybacks	(0.2)	(0.4)	(2.5)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	9.9	−82%	22.4	55.0
Interest paid	(6.8)	+142%	(2.4)	(2.8)
Tax paid	(1.3)	−50%	(2.8)	(2.6)
Investing activities
Capex (PP&E)	(22.4)	−75%	(66.9)	(88.7)
Financing activities
Lease principal paid	(0.1)	+4%	(0.1)	(0.1)
Dividends paid	0.0	n/m	(6.5)	(11.8)
Share buybacks	(0.2)	−45%	0.0	(0.4)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	651.5	650.4	811.2
Non-current assets	652.0	651.0	812.1
Current assets
Inventories	72.7	83.5	89.9
Trade receivables	55.2	52.4	95.2
Cash	23.4	36.1	45.2
Current assets	152.9	172.0	231.3
Total assets	804.9	823.0	1,043.4
Current liabilities
Trade payables	44.1	46.8	38.1
Borrowings, current	4.5	4.3	0.0
Lease liabilities, current	0.2	0.2	0.2
Current liabilities	49.9	53.1	39.3
Non-current liabilities
Borrowings, non-current	149.4	147.7	62.1
Lease liabilities, non-current	0.4	0.5	0.8
Non-current liabilities	165.5	164.9	78.9
Total liabilities	215.4	218.0	118.1
Equity
Total equity	589.5	605.0	925.2
Net cash and other figures
Shares in issue	–	89.2m	89.2m

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	651.5	650.4	811.2
Non-current assets	652.0	651.0	812.1
Current assets
Inventories	72.7	83.5	89.9
Trade receivables	55.2	52.4	95.2
Cash	23.4	36.1	45.2
Current assets	152.9	172.0	231.3
Total assets	804.9	823.0	1,043.4
Current liabilities
Trade payables	44.1	46.8	38.1
Borrowings, current	4.5	4.3	0.0
Lease liabilities, current	0.2	0.2	0.2
Current liabilities	49.9	53.1	39.3
Non-current liabilities
Borrowings, non-current	149.4	147.7	62.1
Lease liabilities, non-current	0.4	0.5	0.8
Non-current liabilities	165.5	164.9	78.9
Total liabilities	215.4	218.0	118.1
Equity
Total equity	589.5	605.0	925.2
Net cash and other figures
Shares in issue	–	89.2m	89.2m

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.