Business
Q4 2017 and year end 2017 Trading Update
Q4 2017 and year end 2017 Trading Update.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n \nRNS Number : 1166E Anglo Pacific Group PLC 07 February 2018 \n\nNews Release\nFebruary 7, 2018\n \n \nAnglo Pacific Group PLC\nQ4 2017 and year end 2017 Trading Update\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended)\n \nAnglo Pacific Group PLC (\"Anglo Pacific\", the \"Company\" or the \"Group\") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period October 1 to February 7, 2018, which includes certain information for the year ended December 31, 2017. This update is ahead of the release of the full year results on March 28, 2018. Unless otherwise stated, all unaudited financial information is for the quarter or year ended December 31, 2017. \n \nHighlights\n \n§ ~90% increase in royalty income year-on-year to £37.0m - £37.5m (2016: £19.7m); a record for the Company\n§ Cash received from Denison/McClean Lake of £4.7m - £5.0m in addition to the above royalty income (£1.8m of which relates to H2 2016)\n§ Royalty income for Q4 2017 in the range of £12.0m - £12.6m (Q3 2017: £8.9m, Q4 2016: £12.3m)\n§ 93% of Kestrel's saleable tonnes in 2017 mined from within the Group's private royalty land, a significant increase on the 67% earned in 2016 \n§ 90%+ of Kestrel's saleable tonnes expected to be derived from Anglo Pacific's private royalty lands for the immediate future\n§ Royalty income from Maracás Menchen more than doubled in the year, reflecting significant production improvements and a strong vanadium price\n§ Higher thermal coal prices resulted in an overall increase in royalty revenue for the year from Narrabri of ~15%, despite lower sales volumes\n§ Cash of £8.1m at December 31, 2017 compared to net debt of £1.0m at the same time in 2016\n§ Expansion of the Group's borrowing facility by US$10m to US$40m, which is undrawn and fully available providing significant internal resources to fund future acquisitions\n§ Non-cash fair value reductions of up to £7.0m on royalty assets (2016: £5.0m)\n§ Recommended increase in the final dividend from 1.5p to 2.5p, which would result in a total dividend of 7p for 2017, a 16.67% increase on the 6p in 2016 with dividend cover for 2017 expected to be in excess of 2.0x\n§ 8.3% increase in quarterly dividend instalments fro...