News Archive

10 June 2008

Interim Results

ATH Resources plc, one of the UK’s largest coal producers, reports its Interim Results for the six months ended 30 March 2008.

Highlights

• Turnover of £28.1 million (2007: £31.2 million) on sales of 787,000 tonnes of coal (2007: 973,000 tonnes)
• Average selling price increased by more than 10% to £35 per tonne
• Profit before tax of £0.4 million (2007 restated: £2.7 million)
• Earnings per share of 0.8 pence (2007 restated: 4.6 pence)
• Proposed interim dividend maintained at 3.36p per share
• ATH Regeneration preferred bidder on 12 million tonnes tailings washing project in Queensland, Australia
• Planning consents at Muir Dean and Grievehill mines deliver a 70% increase in Proven  Reserves to 6 million tonnes*
• Grievehill and Muir Dean mines now operational
• Strong coal market results in significant increase in value of coal reserves

Commenting on the Interim Results, Tom Allchurch, Chief Executive of ATH, said:

”The results for the period, as expected, reflect lower production from our Grievehill mine whilst we were waiting for the final planning consent for an extension to the site.  It is pleasing to report that both Grievehill and the new Muir Dean site are now open, which will drive a significant increase in volumes for the second half.  With favourable pricing set to continue, I am confident that results for the full year will be in line with market expectations.

The last six months have seen a number of developments for ATH which will be important to the future prospects of the Group.  Successful planning applications increased our Proven Reserves from 3.5 million tonnes to 6 million tonnes and the confirmation of ATH Regeneration as preferred bidder on a 12 million tonne tailings washing project in Queensland is a major breakthrough in opening up the Australian market to our unique coal tip washing process.”