UK Coal back in the black after 4 years
UK Coal has posted its first profit in four years after higher production and coal prices sparked a turnaround at its collieries.
The group, a major supplier to Britain's coal-fired power stations, swung from an interim loss of £93.2m to a profit of £22.1m in the six months to June as revenues jumped 81 per cent to £256m and average prices rose 20 per cent. More property sales also helped UK Coal cut its debt by 14 per cent to £207m.
Nearly all of UK Coal's output goes to the electricity sector, where coal accounts for nearly 30 per cent of the UK's electricity generation. Coal-fired plants, however, are facing tough new controls to cut greenhouse gases.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies