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Anglo Pacific receives £12.6mln in first quarter royalty revenues

Published: 09:17 27 Apr 2020 BST

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.

 

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