LONDON (Alliance News) - Atlantic Coal PLC Thursday said revenue in the first nine months of 2015 was around 26% higher year-on-year, and the miner said it expects total second half revenue to "at least match" the first.
The company said revenue in the first nine months of 2015 totalled around USD17.8 million, rising from USD14.1 million in the same period a year earlier. Those numbers are unaudited, and the company said it plans to release its unaudited revenue figures in its quarterly statements going forward.
"This amount is only just short of the total turnover for 2014 of USD18.4 million and we therefore look forward to exceeding our 2014 revenues in 2015," said Managing Director Steve Best.
In addition, the company said it is currently "experiencing a number of positive factors", including continuing high levels of production and sales for both its clean coal and run-of-mine coal and a large inventory of coal as it enters the winter period, which generates more demand due to colder weather.
Atlantic Coal also said it will increase its sale price by USD10 per tonne of its clean coal as of next Monday, which should boost its margin and revenue further.
"The trading performance to the end of September 2015 and the above factors gives the board of Atlantic Coal confidence that the company's turnover for the second half of the current year will at least match the first half's turnover," said the company.
Atlantic Coal owns and operates the Stockton anthracite mine, located near Hazleton in Pennsylvania, in the US.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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