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26 January 2012

Preliminary Results

ATH Resources plc (AIM:ATH), one of the UK's largest coal producers, reports its Preliminary Results for the year ended 2 October 2011.

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The full results are available to download in PDF format.

Financial Summary

Group sales for the period increased by 7% to £84.2 million (2010: £78.3 million)
Net borrowings reduced for the third consecutive year by £3.0 million to £31.5 million
Despite difficult mining conditions and unexpected geological challenges at a number of sites the Group reports an operating profit before exceptional charges of £3.0 million (2010: £7.0 million)
Loss before tax from continuing operations of £5.8 million (2010: profit £4.0 million) due to a number of largely non-cash exceptional charges which amounted to £6.2 million
In light of the loss for the year it is the intention of the Board to not recommend the payment of a dividend in respect of the current year (2010: 2 pence per share)

Operational Summary

Successful opening of Netherton which is now in full production as planned
Sales volumes of 1.67 million tonnes (2010: 1.79 million tonnes) including 530,000 tonnes supplied to legacy contracts
Average selling price increased by 15% to £50.43 per tonne (2010: £43.70 per tonne)
Commenced initial site preparations to develop Duncanziemere, which will progressively increase production throughout 2012
Achieved planning permission for extensions at Glenmuckloch and Muir Dean for 505,000 tonnes and 350,000 tonnes respectively
Successful renegotiation of one of the Group's remaining legacy contracts, effective from January 2012

Alistair Black, Chief Executive of ATH, commented: "This has been a challenging period for ATH, with the Group's legacy contracts, difficult mining conditions and higher input costs (particularly gas oil), continuing to impact performance. However, the Group's renegotiation of one of its remaining legacy contracts together with the development of the Group's project pipeline, will provide a firmer platform for ATH's business going forward."

For further information:

ATH Resources plc
David Port, Executive Chairman	+44 (0) 7836 693798
Alistair Black, Chief Executive	+44 (0) 1302 760462
	www.ath.co.uk
Seymour Pierce Ltd
Sarah Jacobs (Nominated Adviser)	+44 (0) 20 7107 8000
Richard Redmayne / Katie Ratner (Broker)
	www.seymourpierce.com

Media enquiries:

Abchurch
Sarah Hollins / Quincy Allan / Oliver Baxendale	+44 (0) 20 7398 7710
quincy.allan@abchurch-group.com	www.abchurch-group.com

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