viewAnglo Pacific Group PLC

Anglo Pacific well positioned to withstand challenges ahead, after full year results show record revenue

Anglo Pacific's royalty portfolio is unique in the London market

Anglo Pacific Group PLC -

Anglo Pacific Group PLC (LON:APF) (TSE:APY) has revealed it delivered record income in the year to December 31, 2019.

The company saw its royalty-related revenue hit a record £55.7mln, an increase of 21% on the previous record of £46.1mln returned in 2018. This was driven by a strong performance at the Kestrel coal mine in Australia.

WATCH: Anglo Pacific 'operating as normal' through uncertainty and has access to considerable funds

There was also a 21% increase in operating profit to £44.8mln, despite continued investment in the business which saw operating expenses rise to £7.1mln.

Profit after tax, which includes valuation and impairment charges, was steady at £29mln, giving basic earnings per share of 16.06p.

Net debt at the year-end stood at £28.8m, reflecting the £62.6mln worth of acquisitions made during the year along with £14.4m of dividend payments.

The company recently announced the refinancing of its borrowing facility to increase commitments from US$60mln to US$90mln, plus the retention of a US$30mln accordion option and a twelve-month extension.

Anglo Pacific said that whilst it is very difficult to make forward looking statements or predictions with any great certainty, it believes that the impact of the coronavirus will be a temporary disruption and will ultimately pass.

In the meantime, it added, the business model has been stress tested to assess what the impact would be under several downside scenarios. The conclusion is that Anglo Pacific is well positioned to withstand the challenges ahead, given the strength of our financial position and the diversity of our royalty portfolio.

Quick facts: Anglo Pacific Group PLC


Price: 121 GBX

Market Cap: £258.67 m

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