2nd May 2006 13:00
UK Coal PLC02 May 2006 UK Coal PLC Trading Statement At the AGM, which will be held at 1.00pm today, the Chairman, David Jones, willsay: "Further progress has been made, both operationally and corporately, during thefirst quarter. In addition to continuing to trade on a profitable basis, we havemade progress on obtaining planning permissions for both our surface mining andproperty businesses and strengthened the Group's senior team with theappointment of Mike Toms and Jon Lloyd to the Board. The Group returned to profitability in the final quarter of 2005. I am pleasedto report that our Deep Mines continue to perform profitably and the Grouprecorded a profit before tax of £1.1 million for the first quarter of 2006. Output from the Group's deep mines amounted to 2.9 million tonnes (2005: 2.2million tonnes). Whilst this production was some 0.5 million tonnes belowmanagement expectation, we believe we can make this production shortfall up inthe remaining three quarters of the year. With only one operating surface mine, surface mine production in the quarter wasonly 0.1 million tonnes (2005: 0.3 million tonnes from six sites).As reportedpreviously, planning consent has been received for two further locations, whichare expected to commence operations during the second half of 2006. The property business continues to make progress. Notable events in the year todate include gaining planning permission for the industrial use of the GascoigneWood site and the completion of the first building of Phase 1 of the Bilsthorpedevelopment. There were no major property disposals in the first quarter of theyear. Our other businesses continue to perform to expectations". Enquiries: FinancialGavin Anderson & Company 020 7554 1400Ken CroninMichael Turner OperationalStuart Oliver 07774 231 178 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Harworth Gp