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Silver production was broadly flat on the 2023 half-year
Margins were constrained by poor manufacturing utilisation rates
Cash flows are benefiting from working capital efficiency
The sales-under-offer pipeline is promising given the likely direction of interest rates
New headline rent commitments point to positive sector trends
Redemption activity in the third quarter highlights the threat posed by passive alternatives
Trading opportunities have dissipated in line with wholesale energy price volatility
The interim dividend increased by 15 per cent despite a marked fall in free cash flow
Labour reforms could bolster underlying markets although public finances could stymie the rate of change
The 'put up or shut up' provision has been extended to 5 August 2024
