Royal Mint revenues jump as coronation sparks demand for commemorative coins
Written by First Choice Radio on 20 July 2023
Revenues rose to £1.88 billion over the year to the end of March
The Royal Mint has revealed a surge in revenues for the past year as the King’s coronation sparked demand for collectables and historic coins, while it also benefited from precious metals investments.
The company also saw underlying profits strike record annual levels as a result.
Chief executive Anne Jessopp said it has been a “pivotal year” for the business as it shifted its operations further away from its traditional currency operation as the use of coins for transactions continues to decline.
The Royal Mint revealed that revenues jumped to £1.88 billion over the year to March 31, compared with £1.4 billion in the previous 12 months.
This was driven by a 35% sales rise in its consumer business, which offers precious metals investments, collectables, and historic coins.
The company said it was boosted by the first official currency of Charles’s reign, recording strong international demand for commemorative coins.
Revenues were also buoyed its precious metals business, with a rise in investments as Britons reassessed their finances.
It said the investment division accounted for almost half of the firm’s operating profits.
The Royal Mint reported a £17.7 million operating profit for the year, edging down from £18.1 million a year earlier.
Meanwhile, underlying profits increased to a record £24.4 million from £20.8 million.
Ms Jessopp told the PA news agency the company is on track with its five-year transformation plan.
“We have been really pleased with the level of profits for the first year of the strategy,” she said.
“We’ve grown market share in precious metals investment and that’s given us confidence that we are making really strong progress.”
Royal Mint employees are also set for a windfall as a result of the “strong” financial performance, with the firm handing staff a one-off “profit share” payment of £4,241.
Chairman Graham Love 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 relevancy in today’s markets.
“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 UK and overseas is testimony to the strength of our brand and commitment to premium customer service.”
Published: by Radio NewsHub