StockMarketWire.com - Sylvania Platinum booked a 53% rise in full-year profit after it boosted production of the precious metal despite a downgrade earlier in the year.

Pre-tax profit for the year through June rose to $24.4m, up from $16.1m on-year.

Revenue rose 12% to $70.5m.

Sylvania Platinum declared an interim dividend of 1c per share.

The company produced 72,090 ounces of platimum and set guidance for the new financial year of 74,000 to 76,000 ounces.

'I am pleased to report on a year of highs and lows, but one in which we achieved both revenue and profit growth,' chief executive Terry McConnachie said.

'Unfortunately, due to matters outside of our control that put pressure on operations during the second and third quarters, the board and management thought it prudent to revise annual guidance to 72,000 ounces for the year in the third-quarter announcement, which still required record quarterly production in the fourth.

'The operations teams took this challenge on board and I am pleased to announce that the operations achieved a new production record for both the fourth quarter and annual ounces.'

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