Business
Interim Results
Interim Results.
About this update from Harworth Group Plc
[{"type":"text","content":"\n \nRNS Number : 8226M UK Coal PLC 23 August 2011 \n \n\nUK COAL PLC (\"UK COAL\")\n \nUnaudited Financial Results for the Half Year Ended 25 June 2011\n \n \n\n\n\n\n\n\n\nH1 2011\n£m\n\n\nH1 2010\n£m\n\n\nFY 2010\n£m\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal Group Revenue (£m)\n\n\n256.1 \n\n\n141.3 \n\n\n351.2 \n\n\n\n\nAverage sales price per Gigajoule (£/GJ)\n\n\n2.36 \n\n\n1.97 \n\n\n1.97 \n\n\n\n\nNon-cash property revaluation reduction (£m)\n\n\n- \n\n\n(10.1)\n\n\n(34.2)\n\n\n\n\nOperating profit/(loss) before non-trading exceptional items (£m)\n\n\n35.2 \n\n\n(61.4)\n\n\n(74.3)\n\n\n\n\nProfit/(loss) after tax (£m)\n\n\n22.2 \n\n\n(92.0)\n\n\n(125.1)\n\n\n\n\nTotal Group debt including generator balances (£m)\n\n\n(207.3)\n\n\n(257.0)\n\n\n(242.4)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nH1 2011 highlights\n \n· Strategic Recovery Plan underway; encouraging progress to date\n· Total production of 4.1m tonnes (H1 2010: 2.7m tonnes, FY 2010 7.2m tonnes)\n· Current face at Daw Mill extended to avoid 2011 face gap and to mitigate production loss.\n· Property sales above plan: £54m sold in H1 2011\n· Total debt reduced by £35m, funded by receipts from property disposals\n \n \n \nCommenting on the results, Jonson Cox, Chairman, said: \n \n\"This set of results marks my first six months as Chairman. I am pleased to report on reasonable progress. Production has improved and revenues over the period have increased 81% to £256.1m (H1 2010: £141.3m). Pre-tax profits have increased to £22.1m (H1 2010: £93.2m loss). \n \n\"Despite this relatively good half year, the Group still remains in a challenging financial position. Losses of around £270m over the last three years have left net debt levels over £200m. 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.\n \n\"Coal still supplies around 30% of the fuel for the nation's electricity. UK Coal has a vital role to play supplying about half of indi...