Anglo Pacific Group PLC: Trading Statement & Notice of Results
LONDON, UNITED KINGDOM--(Marketwired - Jul 31, 2017) - Anglo Pacific Group PLC (LSE: APF) (TSX: APY)
News Release
July 31, 2017
Anglo Pacific Group PLC
Notice of 2017 Interim Results and Q2 2017 Trading Update
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, is pleased to announce that its interim results for the six months ended June 30, 2017 will be released on August 23, 2017.
Anglo Pacific also issues the following trading update for the period April 1, 2017 to July 31, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended June 30, 2017.
H1 2017 Highlights
- Free cash flow of £18.5-19.0m generated in H1 2017 (H1 2016: £4.7m) which includes the £3.1-3.4m received as part of the Denison financing arrangement (£1.7m of which related to H2 2016)
- ~290% increase in royalty income to £15.9-16.3m in H1 2017 compared to the equivalent 2016 period (H1 2016: £4.1m; FY 2016: £19.7m)
- Increase in royalty income mostly attributable to ~88% of sales from Kestrel within the Group's private royalty land compared to 38% in H1 2016, along with a ~10% increase in total sales volumes
- Significant milestone achieved at Kestrel in Q2 2017 with a royalty paid on ~95% of sales which we expect to remain around these levels for the foreseeable future
- Fair value decline of £10.5-11.5m in relation to Kestrel, largely as a result of resource depletion
- Net debt of £0.8m at June 30, 2017 (December 31, 2016: £1.0m) including repayment, within six months, of the C$12.75m drawn as part of the Denison finance arrangement
- Cash generated in July resulted in the Group returning to a net cash position
- New dividend schedule with intention to pay quarterly instalments in even tranches, although the fourth quarter dividend may be adjusted to reflect the actual level of income earned during the year
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