Anglo loss mounts to 75m pounds in year
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.ANGLO UNITED, the coal distributor, made a loss before tax of pounds 75m last year, compared with a pounds 32m loss in 1993, as a result of write-offs and reorganisation, writes Robert Cole.
Last year Anglo's employee numbers fell from 3,000 to 2,000 and further cuts since the year-end have cost another 200 jobs.
Anglo's difficulties stemmed from the pounds 500m it paid for Coalite, the smokeless fuel group, in 1989. Even after restructuring the loans taken out to pay for the acquisition last year, Anglo still has pounds 130m of borrowings, pounds 85m of which are fixed at 14.5 per cent.
Despite the overall losses, operating profits in continuing businesses, calculated before interest, grew 16 per cent to pounds 15.6m for the year to 31 March.
Harold Cottam, chairman, said that the figures contained the last of the exceptional items. He admitted that British demand for coal was declining, but said the group hoped to win a larger share of the market. The group wants to buy small local coal distributors and will consider buying parts of British Coal when it is privatised.
With no dividend, the shares were unchanged at 2.25p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments