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New royalty income leads to improved results at Anglo Pacific

Minerals royalty company, Anglo Pacific Group, reported a loss after tax of £8.8 million (5.8p/share) for the six months to end June 2015, an improvement from the £23.0 million loss (20.8p/share) reported in the corresponding period of 2014. Results were impacted by writedowns on the valuation of its Kestrel coal royalty (£9.1 million on lower coal prices) and impairments of other royalties. Excluding these items, adjusted profit after tax was £1.2 million (0.8p/share) against a loss of £0.8 million (0.8p/share) in the earlier six month period.

Royalty revenue for the first six months of 2015 increased to £3.8 million (£2.6 million in 2014) primarily due to £1.8 million received from the new Narrabri coal royalty, which the company acquired in March 2015.

As at 30 June 2015 the company had cash of £4.0 million and access to the undrawn portion of a £19.2 million revolving credit facility put in place largely for the Narrabri acquisition.

Anglo Pacific intends paying an interim dividend of 4.0p/share, in line with its policy of paying 8.0p/share annually.

New royalty income leads to improved results at Anglo Pacific: APF

 

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