Anglo Pacific hikes divi despite fall in profits
Acting chairman Brian Wides said that despite production problems and delays at Kestrel during 2012, the group achieved a solid performance over the year when the world economy stalled and commodity prices were weak.
He added: "The increase in the independent valuation of our coking coal royalties illustrates that the rise in the Queensland coal royalty rates announced in September 2012 has more than offset any impact of weaker commodity prices.
"During the year, we acquired two new royalty interests and announced a gold royalty financing agreement with Hummingbird Resources Plc in the final quarter.
"The group now owns a total of 22 royalty interests.
"We have been particularly encouraged by the progress across a number of the group's development royalties, which we believe will bring forward future royalty cash flows. The Group's balance sheet remains ungeared with a strong and resilient asset backing.
"The board is therefore pleased to propose a 4.5% increase in the final dividend and remains committed to offering long term returns to our shareholders."
The final dividend of 5.75p per share takes the total for th eyar to 10.2p - an increase of 4.6%.
At 8:19am: [LON:APF] Anglo Pacific Group share price was -2.62p at 258.63p
Story provided by StockMarketWire.com