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Mining firm’s £5.8m loss
Pictured (L-R) are Andrew Weatherstone, Group Finance Director at ATH Resources and Alistair Black, Chief Executive.
A DONCASTER mining firm has this morning recorded pre-tax losses of £5.8 million after being hit by higher costs and geological problems.
ATH Resources had exceptional costs amounting to £6.2 million which contributed to the loss, compared to a profit of £4 million in the previous year.
The firm based in Sidings Court, off White Rose Way, operates surfaces mines and is one of the largest producers of coal in the UK, providing fuel principally to the electricity supply industry and also the industrial and house coal markets.
Other aspects of the last 12 months of trading to October 2 included:
•A seven per cent increase in sales to £84.2 million
•Net borrowings reduced for the third consecutive year by £3 million to £31.5 million
•Average selling price of coal was up 15 per cent to £50.43 per tonne
•Profits from day to day trading of £3 million, compared to £7 million in 2010.
The effects of legacy contracts were also a factor in the company’s losses, it said.
Its board is now recommending shareholders do not receive a dividend.
However, the firm said it was optimistic performance would improve.
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Monday 21 May 2012
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