Trading Update for Period Ending 31 December 2024
Majestic Corporation Plc
(the "Company" or "Majestic")
Trading Update for Period Ending 31 December 2024
Increase in gross revenue by 66.7%, exceeding expectations and demonstrating strong growth
Majestic Corporation Plc (AQSE: MCJ), a sustainable circular economy solutions provider specialising in recycling precious and non-ferrous metals, is pleased to announce a trading update for the period ending 31 December 2024 ("FY 24"), subject to audit.
Based on the unaudited financial results, Majestic is pleased to report another year of significant growth and progress in its business and strategic objectives. This includes becoming a key player in the sustainable circular economy in the UK, continuing to grow its client base, enhancing its physical facilities and operational footprint, advancing recycling and processing abilities and a delivering strong ESG performance.
Financial Highlights
· Revenue from continuing operations increased 66.7% to USD$49m (FY 23 USD$29.4m), reflecting strong underlying organic growth and the expansion of the Company's operational base.
· Volumes of materials containing recyclable precious and non-ferrous metals increased 43.3% to 43,000 tonnes (FY23 30,000 tonnes).
Operational Highlights
· Continued growth has required the Company to seek larger operational facilities in the UK, this is presently ongoing.
· Further processing and streamlining of physical recycling will provide additional growth for the future and establish an even stronger operation.
2025 Outlook
Majestic's strong performance in FY 2024 has continued into FY25, with the Company seeing growth across all recycled material volumes within its core business. Whilst metal prices and transportation costs remain key variables to revenue and profitability, the Company's strong relationships with customers and smelters mean Majestic is well positioned for positive growth going forward.
The Company anticipates issuing its FY24 Audited results before 30th May 2025.
Peter Lai, CEO and Founder of Majestic Corporation, commented:
"We are very pleased with the growth of Majestic over the past year. The hard work or our team has driven significant growth in our topline performance which in turn we anticipate to positively impact our bottom line. The growth of the Company has enabled access to wider markets and a greater array of participants in the recycling and circular economy further strengthening Majestic's position as a key player in the industry"