UK Coal has made reasonable progress during the first six months of the year, swinging to profits for the first time in four years as its coal production and revenues climbed.
However, Britain’s largest coal producer noted that its financial position still remains challenging as it has lost GBP 270 million over the last three years, leaving it with a GBP 207 million debt, down GBP 35 million from end 2010.
During the period, UK Coal’s total revenues jumped from GBP 141.3 million in the same period last year to GBP 256.1 million in the six months to end June as production rose from 2.7 million tonnes to 4.1 million tonnes.
As turnover climbed, the company was able to post a pre tax profit of GBP 22.1 million compared to a loss of GBP 93.2 million in the first half of 2010.
Property disposals reached GBP 54 million during the first half, representing the majority of all disposals targeted for the whole year. UK Coal said it continues to market surplus agricultural and other land to proceed with its debt reduction program.
Mr Jonson Cox chairman of UK Coal said that “Whilst we are making progress, particularly in tackling historically unreliable production, pension liabilities and rising employment costs, there remains much to do. Most importantly we need, operating safely, to start generating cash from our mining business.”
(Sourced from www.proactiveinvestors.co.uk)
However, Britain’s largest coal producer noted that its financial position still remains challenging as it has lost GBP 270 million over the last three years, leaving it with a GBP 207 million debt, down GBP 35 million from end 2010.
During the period, UK Coal’s total revenues jumped from GBP 141.3 million in the same period last year to GBP 256.1 million in the six months to end June as production rose from 2.7 million tonnes to 4.1 million tonnes.
As turnover climbed, the company was able to post a pre tax profit of GBP 22.1 million compared to a loss of GBP 93.2 million in the first half of 2010.
Property disposals reached GBP 54 million during the first half, representing the majority of all disposals targeted for the whole year. UK Coal said it continues to market surplus agricultural and other land to proceed with its debt reduction program.
Mr Jonson Cox chairman of UK Coal said that “Whilst we are making progress, particularly in tackling historically unreliable production, pension liabilities and rising employment costs, there remains much to do. Most importantly we need, operating safely, to start generating cash from our mining business.”
(Sourced from www.proactiveinvestors.co.uk)
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