The Royal Mint Delivers £3.6 Million Profit in 2010-11
The Royal Mint has today reported another profitable and successful year, following its first full year of trading since being vested as a government owned company.
Delivering an operating profit of £3.6m for the year (on a comparable pre-vesting basis this would have been estimated to be £7.3m), the Royal Mint performed well in the face of challenging trading conditions.
Demonstrating strong commitment to long-term sustainable growth, the Royal Mint continues to invest significantly in its future. The largest capital investment for many years was made in 2010, which provided additional nickel-plating capacity to support growth in the application of its aRMour™ plating technology, a key element of the Circulating Coin business strategy. At a time when global demand for plated coins is increasing this will help underline the Royal Mint’s position as the world's leading export mint, making coins and medals for an average of 60 countries every year.
The Royal Mint also invested strongly in increasing capacity in Commemorative Coin production, which will enable the business to capitalise on significant opportunities in the marketplace, such as the growing international interest in the London 2012 Olympic and Paralympic Games coin programme.
Adam Lawrence, Chief Executive of the Royal Mint said: "The outlook for Royal Mint is positive. The year ahead will be the most exciting in our 1,000 year history, providing the opportunity to reinforce the merits of the world-leading aRMour™ plating technology and expand our international presence within the Circulating Coin business.
“We are also very excited about our role as the official supplier of victory medals and commemorative coins for the London 2012 Olympic and Paralympic Games as well as developing our range of commemorative coins for the Diamond Jubilee. We anticipate this will drive strong demand for our products, grow our international reputation and put us at the heart of exciting moments in the history of 21st century Britain.
“The investment we have made in the past year at our Llantrisant site in South Wales where we employ over 800 people represents a new period of growth, development and innovation at the Royal Mint. It forms the foundation for our growth strategy that will strengthen our competitive edge and the reputation we already have for producing coins and medals of the highest quality.”
The 2010 – 11 Royal Mint Annual Report can be downloaded at:
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1 On 1 January 2010, the assets of the Royal Mint Trading Fund were vested into a private company, called The Royal Mint Limited. HM Treasury remains 100% owner of the shares of the company. All assets of a historical nature have been vested into a separate company, The Royal Mint Museum Limited to preserve, protect and enhance them for future generations to come. With the exception of the assets separated into the Museum company, all other assets and liabilities, including those of a contingent nature, were transferred into the new company effective 1 January 2010.
For media enquiries, please contact the Royal Mint Press Office on 020 7853 2390. Images of the Royal Mint and its products are available upon request.
About the Royal Mint
The Royal Mint has a history dating back over 1,000 years. By the late thirteenth century the organisation was based in the Tower of London, and remained there for over 500 years. By 1812, the Royal Mint had moved out of the Tower to premises on London’s Tower Hill. In 1967 the building of a new Royal Mint began on its current site in Llantrisant, South Wales.
There were estimated to be 28.6 billion UK coins in circulation at 31 March 2011, with a total face value of £3.8 billion – all manufactured by the Royal Mint.
1.1 billion UK coins were issued during 2010-11.
The Royal Mint’s Llantrisant site was recently chosen to host the Prime Minister David Cameron’s first government cabinet meeting in Wales.