Price hikes boost UK Coal
LOWER demand for electricity and an “imbalanced” coal market may have affected sales but UK Coal has achieved high prices.
The coal producer and property group, which successfully raised £100m in a share-raising earlier this month, said today that the average sales price for the third quarter was £2.06/GJ compared to £2.31/GJ for the same period 2008, which had benefited from “very” high market prices.
Manchester-based property and investment group Peel Holdings has a 28% strategic stake in UK Coal.
Group revenue for the quarter ending September was £95m down from £119m for quarter three last year.Revenue to date is around £255m compared to £292m for the same period.
On the property front, UK Coal has submitted planning applications for around 400 houses at North Gawber, Barnsley, and around 1,000 homes and more than 3,200 sq metres of retail space on part of the Harworth, North Nottinghamshire, deep mine site.
