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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ath Resources | LSE:ATH | London | Ordinary Share | GB00B013H730 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMATH RNS Number : 1411K ATH Resources plc 14 April 2010 +-------------------------------+-------------------------------+ | Press Release | 14 April 2010 | +-------------------------------+-------------------------------+ ATH Resources plc ("ATH Resources" or "the Group") Pre-Close Trading Update ATH Resources plc (AIM:ATH), one of the UK's largest coal producers, today issues the following trading statement ahead of its interim results for the six months to 4 April 2010 which will be announced on Tuesday, 15 June 2010. It is anticipated that trading for the full year will be slightly lower than market expectations due to a temporary delay in the commencement of the Group's tip washing and reclamation project at Langton, Nottinghamshire. This project has been delayed by approximately three months to allow for the finalisation of the detailed planning process with the Derbyshire and Nottinghamshire County Council planning authorities. The delay is expected to reduce production for the year from the ATH Regeneration business by around 50,000 tonnes. However, the relevant issues are now resolved and, with construction of the plant already commenced there will be no loss in the value of the project to the Group. Sales volumes for the six month period of around 775,000 tonnes were generated entirely by the mining business. This was 8% lower than the same period last year and reflects the effect of the extremely wet weather in the autumn of 2009 and unusually high levels of snow and ice over the winter period.. The Group expects to make good this delayed production in the second half of the year. Production for the full year in the mining business will be at similar levels to 2009 at around 1.8 million tonnes. As previously notified, the Group is pleased both with the successful outcome of the planning appeal for the regeneration scheme at Langton and the subsequent negotiations with a major generator for a long term contract for the sale of production from the site which are well advanced. Discussions continue with mining companies to develop the ATH Regeneration business in Australia. The average selling price continues to improve to over GBP43 per tonne reflecting higher contract prices and the recovery in international coal prices. A further increase is forecast in the second half of the year in line with expectations at the start of the year. The margin in the first half of the year will be lower than in the previous period reflecting weather affected sales volumes and operating costs. During the period, Proven coal reserves were increased by 0.5 million tonnes with the receipt of full planning consent for the ATH Regeneration site at Langton. Progress to secure planning consents for the Netherton and Laigh Glenmuir extension projects for the mining business is ahead of schedule. The decisions on the two sites by the local planning authority are anticipated to be received in the next few months which, if positive, are expected to increase Proven reserves by between three and four million tonnes. The Group's Proven coal reserves currently stand at 4.4 million tonnes with Total reserves of 7.4 million tonnes. - Ends - For further information: +------------------------------------+--------------------------+ | ATH Resources plc | | +------------------------------------+--------------------------+ | Tom Allchurch, Chief Executive | Tel: +44 (0) 1302 760 | | | 462 | +------------------------------------+--------------------------+ | tom.allchurch@ath.co.uk | www.ath.co.uk | +------------------------------------+--------------------------+ +------------------------------------+--------------------------+ | Seymour Pierce Ltd | | +------------------------------------+--------------------------+ | John Cowie | Tel: +44 (0) 207 107 | | | 8000 | +------------------------------------+--------------------------+ | | www.seymourpierce.com | +------------------------------------+--------------------------+ Media enquiries: +------------------------------------+--------------------------+ | Abchurch | | +------------------------------------+--------------------------+ | Henry Harrison-Topham / Mark Dixon | Tel: +44 (0) 20 7398 | | | 7729 | +------------------------------------+--------------------------+ | mark.dixon@abchurch-group.com | www.abchurch-group.com | +------------------------------------+--------------------------+ Notes to Editors ATH Resources was listed on the AIM market of the London Stock Exchange in June 2004 and operates five surface coal mines in Scotland; Skares Road, Grievehill and Laigh Glenmuir in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife. The Group is currently the third largest producer of coal in the UK producing approximately 2 million tonnes per annum. Coal is used to generate around a third of the UK's electricity and the Group now holds coal supply contracts with four of the UK's main electricity generating companies. In June 2005, having raised GBP18 million by way of an Open Offer, the Group acquired two new opencast sites, Grievehill and Glenmuckloch in Scotland. The acquisition increased the Group's reserve base by 160%. In May 2006, the Group acquired ATH Regeneration a successful coal recovery, land remediation and regeneration business with a particular focus on colliery spoil heap reclamation projects. The acquisition, which was earnings enhancing, allowed ATH Resources to build on its skills as a regenerator of land, whilst developing strong relationships with key English planning authorities. The company has been successfully integrated into the Group. The operational diversification that the acquisition brings to the Group will be a significant driver of ATH's organic growth going forward both in the UK and overseas and the business is actively pursuing a number of projects in Australia. For the 53 week period ended 4 October 2009, the Group achieved turnover of GBP77.5 million and generated an operating profit of GBP8.6 million. Further information on ATH Resources can be found at www.ath.co.uk This information is provided by RNS The company news service from the London Stock Exchange END TSTDMGMDVFGGGZM
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