Anglo Pacific publishes lacklustre interim results as CEO steps down
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Anglo Pacific Group, a leading natural resources investment company, has published lacklustre interim results as its CEO announced he would step down.
H1 results showed the year had gotten off to a mediocre start with total portfolio income falling by four per cent year on year from $24.10m in 2020 to $23.04m in 2021.
The dip came during a period of rapid transformation for the company which has reduced its exposure to coal. A total of 62 per cent of the Group’s portfolio is now derived from battery materials, up from 22 per cent at the end of 2020 while coal exposure fell from 33 to 19 per cent.
The company also completed its largest ever acquisition picking up Voisey’s Bay cobalt stream for $205m. The new project brought in $3.12m of revenue during the first half of the year.
Julian Treger, Chief Executive Officer of Anglo Pacific for eight years, said that he was “cautiously optimistic” about the financial results for the remainder of the year.
He said, “the first half results do not reflect what appears likely to be a strong year for Anglo Pacific.” Pointing to rising commodity prices for coking and thermal coal as well as Cobalt, Treger added that the company is “confident that the second half will see a significantly higher outturn.”
The results were accompanied by the announcement that Treger will step down as the company’s CEO.
He said that with 2021 being a “truly transformational” year for Anglo Pacific “it now feels like the right time to hand over to somebody new and for me to pursue other business interests in due course.”
Today Anglo Pacific shares are down 0.91 per cent from yesterday’s close price.
Read more: Anglo Pacific on track for record year of revenue