For the year ended 31 December 2018, I am pleased to report that your company achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of £8.6million (2017: £3.7 million) and operating profit before depreciation, fair value adjustments and exchange movements (Adjusted EBITDA) of £9.1million (2017: £5.8million).
These results can be attributed mainly to the strong performance from Black Wattle, our South African coal mining operation, which continued to benefit from the infrastructure improvements to the coal washing plant that were reported to shareholders in 2017. These improvements have enabled the group to wash at consistent levels of production and achieve an increased overall yield compared to prior years. In addition, the mine was able to benefit from significantly improved coal prices achievable for our coal during the year. For more information please refer to our Annual Report below.