The Royal Mint in Llantrisant has revealed plans to open a new multi million pound factory this year as part of a five-year growth plan as it reports a surge in revenues. The coin maker plans to open the factory, which will recover gold from electronic waste, later this year allowing it to generate hundreds of kilograms per annum of the previous metal.
Growing demand for precious metals in the 海角视频 and overseas meant the company saw its revenue rise to £1.9bn for the year ending 31 March 2023 (up from £1.4bn in 2021-22). Underlying profits rose to £24.4m (£20.8m in 2021-22). Operating profit was at £17.7m for the company for the year end 31 March 2023, edging down from £18.1m a year earlier.
The group said the revenue boost was driven by its consumer division, which offers precious metal investments, collectables and historic coins. The division grew internationally and increased its market share in the same year it released the first official coins of King Charles III.
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The unveiling of the monarch’s official coin portrait generated worldwide media attention and attracted thousands of new customers in the 海角视频 and overseas, the Mint said. Revenue in the consumer division increased by 35% to £1,803.4m (2021-22: £1,339.3m), and contribution to operating profit increased to £62.5m (2021-22: £47.2m).
While its precious metals division grew to account for almost half of its operating profits over the last four years. The division achieved its highest ever performance contributing £32.7m (2021-22: £20.3m) to operating profit.
Its currency division continued to see a predictable decline in profitability in line with decreased cash use globally. The strong financial performance triggered ‘profit share’ for employees, resulting in a one-off payment of £4,241.
The group said it has been able to make a £6.8m investment in two new business divisions as part of its five-year ‘transformation strategy’ - up from £2.7m in 2021-22. It follows the opening of a new energy centre at the site in Llantrisant which will supply up to 70% of The Royal Mint’s energy needs.
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The centre, developed by Bridgend renewables firm, Infinite, is made up of a 2MW solar farm (built by Evo Energy), two wind turbines, a hydrogen-ready combined heat and power unit (CHP), and dual chemistry battery energy storage system (BESS).
Graham Love, chairman of The Royal Mint, said: “I feel a strong sense of pride in how The Royal Mint has performed throughout the past year. Our evolution into a consumer brand is successfully safeguarding The Royal Mint for the future, protecting jobs, preserving our heritage, and ensuring our relevance in today’s markets.
“I am delighted to report another strong year for financial results successfully mitigating the performance of our currency business and start-up costs for our new ventures, with excellent contribution from our consumer business, particularly precious metals.”
Anne Jessopp, chief executive of The Royal Mint, said: “This was a pivotal year for The Royal Mint as we embarked on a five-year transformation plan, delivered significant growth, and unveiled the official coinage of King Charles III.
“Our Consumer division delivered another year of record revenue and profitability, enabling us to accelerate our investment in new businesses. This strong performance in the 海角视频 and overseas is testimony to the strength of our brand and commitment to premium customer service.”
“As we look ahead, we remain committed to being leaders in sustainable precious metals, and later this year we’ll open a pioneering new plant to recover gold from electronic waste. This innovative technique is already being used to provide high quality gold for our luxury jewellery division, 886 by The Royal Mint.”
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