Paladin jumps on upbeat outlook, meeting FY profit guidance

Uranium producer issues positive outlook for coming year.

Paladin Energy has surged after announcing it is on track to meet its full-year production guidance for fiscal 2013 and issuing an optimistic outlook for the coming financial year.

The company leapt 7.8% to $1.03 in morning trade following its statement to the Australian Stock Exchange, which said it had produced a total of 8.255 million pounds of uranium in the year, a 20% increase on the previous year and within its previously stated forecast of between 8 and 8.5 million pounds.

The group forecasts a combined production of 8.3 to 8.7 million pounds of uranium for fiscal 2014.

Paladin Energy posted an annual revenue of $US408.4 million ($449.394 million) from the sale of 8.253 million pounds of uranium in the 2012 financial year, a 23% increase on the previous corresponding period.

The uranium miner also said that the sale of its minority stake in its flagship Langer Heinrich mine should take place in the September quarter (see Paladin's plight to spread by Ian Verrender).

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