Anglo Pacific Group PLC Q1 2017 Trading Update
LONDON, UNITED KINGDOM--(Marketwired - May 10, 2017) - Anglo Pacific Group PLC (LSE: APF) (TSX: APY)
(LSE: APF; TSX: APY)
May 10, 2017
Anglo Pacific Group PLC
Q1 2017 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 January 1, 2017 to May 10, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended March 31, 2017.
Highlights
- Total free cash flow generated in the period of £13.4m, up from £3.3m in Q1 2016
- Total contribution of £10.0m
-- Royalty income of £7.5m in Q1 2017 - a 295% increase on Q1 2016 of £1.9m
-- Additional contribution of £2.5m (C$4.0m) from the Denison financing and streaming agreement entered into in February 20171 - Increase in income from Q1 2016 mainly due to a 130% increase in average coal price achieved at Kestrel and a 56% increase at Narrabri
- Significant increase in revenue from Maracás Menchen in the period to £0.4m from £0.1m in Q1 2016 as a result of recent record operational performance and a near doubling in the vanadium price
- Net debt at March 31, 2017 of £6.5m, post the funding of the Denison financing and streaming agreement and 2016 interim dividend with expectation to be debt free by mid-2017
- Outlook for 2017 has improved considerably following the sustained increase in coking coal prices above the levels anticipated at the beginning of the year due to weather related supply disruptions in Australia
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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 / Elise Palmer / Sam Modlin | ||
This information is provided by RNS
The company news service from the London Stock Exchange
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