The Royal Mint Unveils Annual Report 2010-11
21 Jul 2011
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:www.royalmint.com/Corporate/about/AnnualReport