ATH Resources announce preliminary results

2011 proved to be a challenging year for the coal producer but a firmer platform is in place going forward

ANNOUNCING their preliminary results for the year ended 2 October 2011, ATH Resources plc said sales volumes of 1.67 million tonnes were slightly lower than in 2010 (1.79 million tonnes) but average selling price rose by 15% to £50.43 per tonne (2010: £43.70 per tonne), increasing revenue by 7% to £84.2 million (2010: £78.3 million).

Pre-exceptional operating profits were down 57% at £3.0 million (2010: £7.0 million), while loss before tax from continuing operations amounted to £5.8 million (2010: profit of £4.0 million), due to a number of largely non-cash exceptional charges.

Commenting on the results, chief executive Alistair Black said: ‘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.’