StockMarketWire.com - Anglo Pacific Group swung to a first-half profit on Thursday as rising commodity prices boosted royalty income propping up revenue growth.

For the six months to 30 June, the company reported a £18.58m, compared with a loss of £3.03m a year earlier, and revenues jumped 12% to £17.0m.

Total income generated from the portfolio, which mainly comes from royalty receipts, was £20.8m for the half year, a 20% increase compared to £17.3m a year earlier.

Royalty income, was led by a 171% growth income from Maracás Menchen to of £2.1m -- that was well above the £2.0m earned for full-year of 2017.

The interim quarterly payment of 1.625p a share was unchanged.

The company said it would look forward to the remainder of 2018 with cautious confidence given the outlook for commodity prices, particularly for premium products. But said there was potential for significant production increase at Kestrel in the coming years.

'Anglo Pacific has enjoyed a very successful start to 2018 with our overall income continuing to grow (+20% in H1 2018) principally due to higher commodity prices. We have invested US$51.0m in growth opportunities which complement and diversify our existing portfolio. In the short-term the sale of Kestrel suggests that volumes could double in the coming years as the new owners look to maximise their return,' said Julian Treger, Chief Executive Officer.


At 8:40am: [LON:APF] Anglo Pacific Group PLC share price was +13p at 144p



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