Evolution positioning itself

ANOTHER stellar profit result from Evolution Mining has investors asking what might be next for the mid-tier gold producer.

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The company posted a half-year statutory net profit after tax of $122.5 million and underlying profit of $124.7 million, largely in line with forecasts.

Earnings before interest, tax, depreciation and amortisation increased by 16% to $399.1 million, while the EBITDA margin increased to 53% from 50%.

Group cashflow increased by 20% to $176.8 million.

Evolution executive chairman Jake Klein told investors and reporters that he believed the company’s cash generating capacity was a key point of difference.

Net bank debt dropped by 61% to $231.5 million and gearing fell from 22% to 9.5%.

Klein pointed out that the company had repaid $687 million in debt...