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Anglo Pacific Group PLC: Half Yearly Report

LONDON, UNITED KINGDOM–(Marketwired – Aug 26, 2015) – Anglo Pacific Group PLC (TSX: APY) (LSE: APF)

LSE: APF; TSX: APY

August 26, 2015

Anglo Pacific Group PLC
Interim results for the six months ended June 30, 2015

Anglo Pacific Group PLC (‘Anglo Pacific’, the ‘Company’, the ‘Group’) (LSE: APF) (TSX: APY) is pleased to announce interim results for the six months ended June 30, 2015 which are available on both the Group’s website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com

Headlines:

  • Interim dividend of 4.00p (2014 interim dividend: 4.45p), consistent with previously announced dividend policy of 8.00p per annum
  • Total royalty income of £3.8m for the period, a 48% increase on the same period in 2014 (£2.6m)
    • Further increases anticipated in H2 2015 and already ahead of 2014 full year royalty income of £3.5m
    • Includes first royalty receipts from Narrabri and Maracás (£1.8m and £0.4m respectively)
  • Operating profit doubled in the period to £0.6m (June 30, 2014: £0.3m)
  • Loss after tax of £8.8m resulting in a basic loss per share of 5.81p (June 30, 2014: loss after tax of £23.0m and basic loss per share 20.84p respectively) mainly due to non-cash valuation and impairment provisions
  • Adjusted profit after tax of £1.2m resulting in adjusted earnings per share of 0.77p (June 30, 2014: loss £0.8m and adjusted loss per share 0.77p respectively) – see note 5 for further details
  • Net assets at June 30, 2015 of £171.0m resulting in net assets per share of 101p (December 31, 2014: £161.3m and 138p respectively)
  • Cash of £4.0m, net cash of £1.2m (December 31, 2014: £8.8m cash with no borrowings) in addition to $25.5m (£16.2m) undrawn, and available, revolving credit facility
  • Acquisition of the Narrabri royalty for £43.0m before costs along with successful, oversubscribed equity issue
  • Narrabri exceeding production estimates in the first six months with full year ROM production guidance of 7.7mtpa of coal versus 6.5mtpa estimated at the time of acquisition

Julian Treger, Chief Executive Officer, commented:

“The first six months of 2015 have been encouraging. Income has increased significantly and royalty income in the first half of the year is now ahead of what we received for the whole of 2014. This increase is largely driven by new sources of income from Narrabri and Maracás, which further demonstrates the progress we are making on executing our strategy of adding to, and diversifying, our royalty income.

Click on, or paste the following link into your web browser, to view the full announcement:

http://www.rns-pdf.londonstockexchange.com/rns/0890X_1-2015-8-26.pdf

 

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