Emmerson plc
Emmerson PLC is an Isle of Man-incorporated, AIM-listed company whose historic principal activity was developing the Khemisset Potash Project in Morocco and its proprietary Khemisset Multi-mineral Process (KMP) technology. Following rejection of the project's environmental licence (ESIA) in October 2024, the Group fully impaired its Khemisset intangible assets and changed its principal activity to pursuing an investment-treaty dispute against the Government of the Kingdom of Morocco, seeking to realise value for shareholders through arbitration or settlement. The Group currently has no active mining operations, no revenue, and a minimal staff (a single full-time CEO).
FY2024 in sixty seconds
year to 31 Dec 2024 · approved 30 Jun 2025 · 43 pages · Company website
Emmerson PLC spent years developing a potash mine in Morocco, but after Moroccan authorities rejected the project's environmental licence in October 2024 it now focuses on a legal claim against the Moroccan government. It had no revenue, and its loss for 2024 widened to $25.8m from $3.0m the year before.
Most of that loss is one-off: the company wrote off the full US$20.4m value of the Khemisset project, wrote off Moroccan tax refunds it no longer expects to recover, and booked restructuring costs as it cut staff to one full-time chief executive.
Cash fell to $923k at the year end from $1.9m, with no borrowings, after shareholders put in $2.8m for new shares; no dividend was paid. The 2025 priority is the arbitration, backed by funding of up to US$11.0 million agreed in January 2025. The auditors gave a clean opinion and the board expects enough money for 12 months, but the report warns the case may take years, success is not guaranteed and defeat would hit the company hard.
Downsizing of workforce and reduction of operating costs to conserve cash
Operating costs have been reduced significantly in order to conserve cash; Group no longer has active operations in UK and Morocco and staff now limited to a single full time CEO and two non-executive directors.
page 25The clear priority for 2025 is to work with legal advisors and proceed with the legal process with regard to the dispute and future arbitration.
page 4Restructuring and Morocco suspension costs included in 'Other costs'
Other costs of US$2,001k (2023: US$370k) include restructuring costs and other expenditure in Morocco expensed following the suspension of activities in that country; prior years these costs were capitalised.
page 335 years on one page · FY2019–FY2024
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 28 confirmed, 2 differ.
No figure has been restated: every figure a later report printed again, it printed the same.