Anglo Pacific Group PLC Announces Q4 2016 Trading Update
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LONDON, UNITED KINGDOM--(Marketwired - Jan 18, 2017) - Anglo Pacific Group PLC (TSX: APY) (LSE: APF)
LSE: APF; TSX: APY
News Release
January 18, 2017
Anglo Pacific Group PLC
Q4 2016 Trading Update
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended)
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 October 1, 2016 to December 31, 2016, ahead of the release of its full year results on March 30, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended December 31, 2016.
Highlights
- ~240% increase in royalty income for the year to £20.5 - £21.5m (2015: £8.7m), mainly driven by the significant increase in saleable tonnes at Kestrel being derived from the Group's private royalty lands
- Royalty income for Q4 2016 in the range of £11.6m - £12.6mm (Q3 2016: £4.8m, Q4 2015: £3.0m)
- 88% and 67% of Kestrel's saleable tonnes in H2 2016 and FY 2016 respectively derived from the Group's private royalty lands
- The Group continues to expect 85-90% of Kestrel's saleable tonnes will be derived from its private royalty lands in 2017
- Narrabri performed in line with the Group's expectations in H2 2016 with further production growth expected in 2017 through the imminent expansion of the longwall infrastructure
- Kestrel valuation expected to be A$195.0m - A$205.0mm at December 31, 2016 (June 30, 2016: A$147.8m)
- Expected impairment charges of £5.0 - £8.0m relating to the Group's Amapá and Dugbe 1 royalties
- Net debt at December 31, 2016 of £0.9m (September 30, 2016: £8.2m)
- Dividend cover for 2016 expected to be approximately 1.5x
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http://www.rns-pdf.londonstockexchange.com/rns/4174U_1-2017-1-18.pdf
This information is provided by RNS
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Contact
For further information:
Anglo Pacific Group PLC
+44 (0) 20 3435 7400
Julian Treger - Chief Executive Officer
Kevin Flynn - Chief Financial Officer and Company Secretary
Website: www.anglopacificgroup.com
BMO Capital Markets Limited
+44 (0) 20 7664 8020
Jeffrey Couch / Neil Haycock / Tom Rider
Macquarie Capital (Europe) Limited
+44 (0) 20 3037 2000
Raj Khatri / Nicholas Harland / Ariel Tepperman
Peel Hunt LLP
+44 (0) 20 7418 8900
Matthew Armitt / Ross Allister
Redleaf Communications
+44 (0)20 7382 4769
Charlie Geller / David Ison