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Atlantic Coal keeping the home fires burning

Turnover increased by more than a quarter in the first nine months of the year while stockpiles are healthy going into the winter season.
Atlantic Coal keeping the home fires burning
Atlantic Coal ... getting to the bottom of things

Atlantic Coal (LON:ATC) has issued an upbeat trading update that revealed production and prices are both moving in a favourable direction.

The AIM-listed anthracite coal mining company operating in Pennsylvania, USA, said turnover in the first nine months of the year was up by around 26% year-on-year to around US$17.8mln from US$14.1mln in the same period of 2014.

The company said turnover for the second half of the current year should at least match that of the first half.

The company said it is enjoying a number of positive factors including: continuing high levels of production and sales; a healthy level of stock going into the winter period; increasing sales prices as from 12 October – up by US$10 a ton on clean coal; and increasing efficiencies in production and transport.

"I am pleased to report an excellent increase in turnover for the nine months to 30 September 2015, reflecting our impressive year-on-year increase in production and sales, as reported on 1st October 2015,” said Steve Best, managing director of Atlantic Coal.

“Compared with the same period in 2014 we have increased turnover by over $3.7 million, an increase of circa 26%. This amount is only just short of the total turnover for 2014 of US$18.4 million and we therefore look forward to exceeding our 2014 revenues in 2015. Going forward, we intend to include estimates of the company's unaudited turnover within our quarterly updates," Best revealed. 

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Atlantic Carbon Group Timeline

January 12 2016

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