Royal Mint annual revenue highest in 1,100 years
- Published: Aug 15, 2016, 5 AM
Britain's Royal Mint Ltd. in fiscal year 2015-2016 recorded the highest sales revenue in its 1,100-year history, with demand for gold and silver bullion coins leading the way.
“Significant growth in the precious metal trading activities of the company’s Bullion division made a major contribution to this outcome, with increased competitiveness in the U.S. silver market at the core of the success,” a Royal Mint statement reads.
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Sales revenue reports by the Royal Mint indicate overall company revenue increased by 39 percent, to £360.6 million for FY2015-2016. That's up from £259.6 million for FY2014-2015.
The company also realized an overall operating profit of £13.1 million for FY2015-2016, up from £11.4 million for FY2014-2015.
About that bullion demand
Royal Mint revenue from bullion coin sales increased by 64 percent in FY2015-2016, up to £185.6 million from £113.5 million in FY2014-2015. The contribution to the operating profit increased 87 percent to £2.8 million for FY2015-2016. That figure stood at £1.5 million in FY2014-2015.
The Royal Mint's online precious metal trading website, which was opened in 2014 and enables customers to buy, store and sell bullion coins at constantly updated live prices directly from the Royal Mint 24 hours a day, 365 days a year, "proved attractive to small and large investors, with nearly 20,000 accounts opened by the end of March 2016," according to Royal Mint officials.
"New bullion products introduced during the year to complement the organization’s flagship Sovereign and Britannia bullion coins included Signature Gold, which enables investors to benefit from economies of scale by buying fractions of large gold bars," according to the statement.
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