IGO shares rise after strong FY results, special dividend
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More news: Shares in IGO were up more than 4% to $13.76 in early trade on the ASX after the lithium and nickel miner reported a record annual profit and lifted its final dividend to 44 cents a share, plus announced a surprise special dividend of 16 cents a share.
IGO lifts dividend after record full-year profit
The news: Lithium and nickel miner IGO will pay a special dividend after posting a record annual profit and revenue.
The numbers: Net profit for the year to 30 June rose 66% to $549.1 million and revenue was up 13% to $1.02 billion on an expanded base following the acquisition of miner Western Areas last year. It outlined a final dividend of 44 cents plus another 16 cents by way of special dividend.
The context: IGO said the record profit was driven by excellent production, cost performance and exceptional realised pricing in its lithium business. However, the nickel business recorded a disappointing performance following a $968 million impairment on two mines it had acquired through the Western Areas deal.
The source: ASX announcement
