News Archive

23 February 2009

Directorate Change

ATH Resources plc (AIM: ATH.L), one of the UK's largest coal producers, announces that Ivana Ridler, Non-Executive Director, has today stepped down from the Board of ATH Resources. The Group intends to seek a suitable replacement and will make a further announcement as appropriate. 

Tom Allchurch, Chief Executive of ATH Resources, commented: "On behalf of the Group, I would like to thank Ivana for the valuable contribution she has made over the past eight years, the last five of which, has been as non-executive director. We wish her every success in the future."  

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Notes to Editors

ATH Resources is an AIM-listed operator of surface coal mines in the UK with five operational mines in Scotland; Skares Road, Grievehill and Laigh Glenmuir in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife. The Company is currently the third largest producer of coal in the UK, producing approximately 2 million tonnes per annum. Coal is used to generate around a third of the UK's electricity and the Company now holds coal supply contracts with four of the UK's main electricity generating companies.

The management team has been in place since 1998. It acquired the rights to operate (and subsequently acquire) the Skares Road mine with support from The Alchemy Plan. Following ATH Resources' incorporation in October 2003, and backed by a follow on investment from The Alchemy Plan, the Company acquired the Garleffan mine in November 2003. Garleffan is currently being restored having finished coaling in June 2006. ATH Resources listed on the AIM market of the London Stock Exchange in June 2004.

In June 2005, having raised £18 million by way of an Open Offer, the Group acquired two new opencast sites, Grievehill and Glenmuckloch in Scotland. The acquisition increased the Group's reserve base by 160%. 

In May 2006, the Group acquired ATH Regeneration, a successful coal recovery, land remediation and regeneration business with a particular focus on colliery spoil heap reclamation projects. The acquisition, which was earnings enhancing, allowed ATH to build on its skills as a regenerator of land, whilst developing strong relationships with key English planning authorities. The Company has been successfully integrated into the Group. The operational diversification that the acquisition brings to the Group will be a significant driver of ATH's organic growth going forward both in the UK and overseas and the business is actively pursuing a number of projects in Australia.

For the year ending 28 September 2008, the Group achieved turnover of £76.9 million, an increase of 9% on its 2007 year end, whilst operating profit increased by 7% to £11.9m for the same period.

Further information on ATH Resources can be found at www.ath.co.uk.