Business
Anglo Pacific Group PLC - Preliminary Results 2008
Anglo Pacific Group PLC - Preliminary Results 2008.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n \n\n\n\nAnglo Pacific Group PLC (APG), the natural resources royalties\ncompany, today announces preliminary results for the year ended 31st\nDecember 2008.\n\nFinancial Highlights\n\n* Coal royalties for the year of £22.1 million (2007: £8.4\n million)\n* Realised profits from mature mining interests of £14.0\n million (2007: £25.6 million)\n* Earnings of 27.56p per share (2007: 28.72p)\n* Proposed final dividend of 4.35p per share (2007: 4.35p)\n* Total dividends for the year increased by 6% to 7.80p\n (2007: 7.35p)\n* Profit before tax of £35,255,000 (2007: £33,768,000)\n* Profit after tax of £29,261,000 (2007: £29,740,000)\n* Australian coal royalty independent valuation of £93.3\n million (2007: £60.9 million)\n* Total strategic interests, including other royalties,\n valued at £53.5 million (2007: £95.8 million)\n* Cash and royalty receivables of £28.7 million (2007: £20.8\n million)\n* Total assets of £176.4 million (2007: £178.2 million)\n\nOperational Highlights\n\n* Record coal royalty receipts\n* Two gold royalties acquired and first new royalty payment\n received\n* Several new royalties under negotiation\n* Further progress on private Canadian coal projects\n* Decline in value of quoted strategic interests in line\n with markets\n* Increased exposure to energy and gold during the period\n* Substantial cash reserves and no debt\n\nCommenting on the Preliminary Results, Peter Boycott, Chairman of\nAnglo Pacific Group PLC said:\n\n\"2008 has been a challenging but satisfactory year for Anglo Pacific\nGroup. Record royalty receipts together with profits from disposal of\nnon-core mining interests have produced similar earnings to 2007. The\nGroup is paying the same final dividend to shareholders as last year\nin the light of the uncertain outlook for the mining sector. However\ntotal dividends for the year have risen by 6%. During the year the\nGroup acquired two new gold royalties in Spain and Brazil as well as\nnegotiating several more subject to due diligence. The Group's\nstrategic quoted interests declined in value in line with mining\nmarkets generally.\n\nThe Group's strategy remains focused on securing new royalties by\nacquisition and through investment in its mining interests in order\nto generate strong cashflows and dividends for shareholders. The\nBoard is confident that the recent severe...