25th May 2016 08:04
LONDON (Alliance News) - Mining royalties company Anglo Pacific Group PLC on Wednesday said its royalty income dipped in the first quarter year-on-year but it expects more income in the second half.
Anglo Pacific said royalty income for the three months to the end of March was GBP1.9 million, compared to GBP2.3 million a year earlier and GBP3.0 million in the fourth quarter of 2015.
The group said it expects the majority of its income to flow through in the second half, in line with the pattern seen in 2015.
"Similar to 2015, we expect the majority of our royalty income to be earned in the second half of 2016. We continue to expect royalty income for 2016 as a whole to be significantly higher than the GBP8.7 million earned in 2015, a year which marked the beginning of a turnaround for the group in terms of production returning to the group's royalty land at Kestrel and a full year of income for the Narrabri royalty," said Chief Executive Julian Treger.
Anglo Pacific shares were down 3.1% to 72.66 pence Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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