Royal Mint revenues soar due to buoyant bullion trading
The Royal Mint has notched up the highest revenues in its history after snapping up a greater share of the American silver market.
The 1,100-year-old coin manufacturer said overall company revenues lifted 39% to £360.6 million for 2015/16, as it capitalised on buoyant bullion trading.
It said overall operating profit stepped up by nearly a fifth to £13.1 million, compared to £11.4 million the year before, with the lion's share of the growth coming from an 87% surge in bullion operating profit to £2.8 million.
Chief executive Adam Lawrence said the profits haul was the largest seen by the firm since it was vested in January 2010.
He added: "Significant growth in our bullion segment has without a doubt contributed largely to this success, but we have seen revenue growth of at least 17% in all three businesses - circulating coin, commemorative coin and bullion.
"I am pleased to report too that we have exceeded all four of our ministerial targets for the third year in a row, operationally."
The growth of its bullion business follows the launch of its online precious metal trading website in 2014, which has close to 20,000 accounts.
It said circulating coin sales also grew 17% to £124 million over the period, with demand from the UK market remaining "strong".
But the number of coins manufactured by the company dropped back from 4.6 billion for 30 countries in 2014/15, to 4.4 billion for 40 countries throughout 2015/16.
The company is currently in the throes of producing more than 1.4 billion new 12-sided pound coins, which are due to come into circulation in March 2017.
Last month, the company launched a new visitor attraction - The Royal Mint Experience - in Llantrisant, near Cardiff, which includes a factory tour explaining how the coins are made.
Royal Mint was based at the Tower of London for 500 years.