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Anglo Pacific receives £12.6mln in first quarter royalty revenues

Anglo Pacific has a diverse portfolio of cash-producing royalty assets

Anglo Pacific Group PLC -

Anglo Pacific Group PLC (LON:APF) said there has thus far been a minimal impact from the coronavirus (COVID-29) pandemic on its owned royalty portfolio during the first quarter of 2020.

In a trading update, the company said so far the royalty portfolio has contributed £12.6mln, in line with the previous quarter.

WATCH: Anglo Pacific Group increases quarterly dividend after reporting 'resilient royalty revenue'

Commodity prices which determine the company's revenue were largely ahead of prices during the fourth quarter of 2019 but far lower than in the fourth quarter of 2019, it added.

Revenue from the Kestrel coal mine benefited from higher coking coal prices and a weaker Australian dollar, in turn increasing the weighted average royalty rate.

However, the year-on-year portfolio contribution was down 28%, mainly due to lower prices and lower dividends from Labroador Iron Ore Company.

Anglo Pacific's quarterly dividend is to be increased by 7.7% to 1.75p per share. Along with the 4.125p final dividend recommended for 2019, this would provide shareholders with 5.875p of income between now and August 14, 2020, the group said.

 

Quick facts: Anglo Pacific Group PLC

Price: 117.3637 GBX

LSE:APF
Market: LSE
Market Cap: £213.32 m
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Anglo Pacific Group expects stronger second half with improved commodity pricing

Anglo Pacific Group PLC's (LON:APF) (TSE:APY) Kevin Flynn discusses with Proactive its first half update to June 2020. Anglo reported portfolio contribution of about £18.5mln in the period compared to £25.5mln in the second half of 2019 with the decrease largely due to the recent softening of...

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