Notwithstanding a reclassification of both Uitkomst and Phoenix as ‘discontinued operations’ in FY17, PAF’s net profits of £17.9m were within 3% of our estimate, while the proposed dividend was exactly in line. Notable variances compared with our prior expectations included the tax charge, which was materially lower and approximately balanced an equal and opposite deterioration in ‘other income’. All told, the group produced 173koz of gold during the period at a cash cost of US$986/oz.