LONDON, UNITED KINGDOM–(Marketwired – Nov 26, 2015) – Anglo 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 July 1, 2015 to November 25, 2015. Unless otherwise stated, all unaudited financial information is for the quarter ended September 30, 2015.
- Royalty related income of £1.9m in Q3 2015 (Q3 2014: £0.5m) despite headwinds in the price of commodities
- Royalty related income of £5.7m for the nine months ended September 30, 2015 (nine months ended September 30, 2014: £3.0m; and FY2014: £3.5m)
- Successful completion of longwall changeouts at both Kestrel and Narrabri in the period, leaving full year production targets unchanged
- Positive developments for the Group’s Narrabri and Salamanca royalties
- Cash and cash equivalents of £3.6m as at September 30, 2015 (June 30, 2015: £4.0m)
- Total quoted equity interests valued at £7.4m as at September 30, 2015 (June 30, 2015: £6.5m)
- Borrowings of £8.6m as at September 30, 2015 (June 30, 2015: £2.6m)
- Net assets of £161.4m at September 30, 2015 (June 30, 2015: £171.0m)
Julian Treger, Chief Executive Officer of the Company, commented:
“We are pleased to build on the half year performance and report a significant increase in royalty income compared to the third quarter of last year. The increase in the Group’s royalty income is largely due to the royalty income received from the Narrabri royalty, acquired in the first half of the year, and has been achieved in a period where commodity prices have remained under significant pressure.”
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