Business
Trading Update
Trading Update.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n \nRNS Number : 6663E Anglo Pacific Group PLC 10 May 2017 \n\n \nMay 10, 2017\n \nAnglo Pacific Group PLC\nQ1 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 January 1, 2017 to May 10, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended March 31, 2017. \n \nHighlights\n \n§ Total free cash flow generated in the period of £13.4m, up from £3.3m in Q1 2016\n§ Total contribution of £10.0m\no Royalty income of £7.5m in Q1 2017 - a 295% increase on Q1 2016 of £1.9m\no Additional contribution of £2.5m (C$4.0m) from the Denison financing and streaming agreement entered into in February 20171\n§ Increase in income from Q1 2016 mainly due to a 130% increase in average coal price achieved at Kestrel and a 56% increase at Narrabri \n§ Significant increase in revenue from Maracás Menchen in the period to £0.4m from £0.1m in Q1 2016 as a result of recent record operational performance and a near doubling in the vanadium price \n§ Net debt at March 31, 2017 of £6.5m, post the funding of the Denison financing and streaming agreement and 2016 interim dividend with expectation to be debt free by mid-2017\n§ Outlook for 2017 has improved considerably following the sustained increase in coking coal prices above the levels anticipated at the beginning of the year due to weather related supply disruptions in Australia\n \nTrading Update\n \nThe Company is pleased to report a very strong performance in Q1 2017, firmly supporting our view that this year will see significant organic growth for Anglo Pacific. \n \nCombining our royalty income of £7.5m with the £2.5m (£1.8m of which relates to backdated receipts from H2 2016) from our Denison financing agreement resulted in a total contribution from our portfolio of £10.0m compared to £1.9m in Q1 2016. Higher coal prices have driven the near 300% increase in royalty revenue, with the average price from Kestrel more than double that of Q1 2016 and Narrabri being 56% higher. In addition, revenue from Maracás Menchen ...