The Royal Mint unveiled record-breaking results today as it announced its largest ever annual revenues.
Revealing a bumper top line of £361m, up 39 per cent on the previous year, the government-owned company said that a key driver of the growth was its increased share of the US silver market. The results were hailed by the company as the best in its 1,100 year history.
In an announcement that may not come as a surprise to those that have recently sought a safe haven for their investments, it was the Bullion (precious metals trading) division that generated the most revenues. In the year to March 2016 it made £186m, up 64 per cent on the previous year.
Chief executive Adam Lawrence said that the success of the Bullion division was also as a result of the first full year of an online trading platform, a launch of new products and the success of the wholesale business.
“Significant growth in our Bullion segment has without a doubt contributed largely to this success, but we have seen revenue growth of at least 17% in all three businesses – Circulating Coin, Commemorative Coin and Bullion.
“I am pleased to report too that we have exceeded all four of our ministerial targets for the third year in a row, operationally,” said Lawrence.
The Royal Mint's financial performance is measured by the return on investment it generates from state funding. In the year to March 2016 it generated a 17.9 per cent return, up from 17.0 per cent in the previous year. Both results are well ahead of the government target of 10 per cent.