Britain’s Royal Mint has announced a golden 2015-2016 year’s results complete with solid silver lining.
In financial terms, the nation’s oldest manufacturer realized its highest annual revenue in its 1,100 year history: £360.6 million, or about US$468.7 million. This figure is an increase of 39 percent on 2014-2015: £259.6 million, or about $337.4 million.
Growth of at least 17 percent was delivered by all three subsidiary businesses – circulating coins, commemorative coins and bullion. In large part, this is the result of significant growth in the mint’s precious metal trading activities. Central to this success is the increased competitiveness the company’s bullion division has achieved in the U.S. silver market.
For the third year in a row, the mint exceeded all four ministerial operational targets. These included a 17.9 percent return on average capital employed. Not only is this figure considerably larger than the 10 percent target, but it is also an increase on the previous year’s 17.0 percent.
The circulating coin division continued its 100 percent U.K. time delivery target for the fifth year in a row as demand for domestic coinage remains strong. Sales of 4.4 billion circulation coins and blanks for some 40 countries were up by 17 percent to £124 million, or about $161.2 million.
In the mint’s commemorative coin business, operating profit increasing to £11 million, or about $14.3 million with revenue up 27 percent to £51 million, or about $66.3 million
Overall, Royal Mint Limited returned an operating profit of £13.1 million, or about $17 million, the highest since the company was vested in January 2010. This represents an increase of 19 percent on last year’s £11.4 million (about $14.8 million).
These results are all the more remarkable given the recent closure of the Danish and Swedish mints and the financial difficulties that have seen the Royal Dutch Mint put up for sale.
This article was originally printed in World Coin News.
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