Celtic Resources announces record profits after an ‘outstanding year’

EXPLORATION company Celtic Resources announced record pre-tax profits of $14.4 million (€11.8 million) yesterday, driven by a once-off gain of $11.7 million from the spin-off of a mining subsidiary.

Like-for-like profits came in at $2.7 million in the year to December 2003, an increase of $0.4 million on the previous year. Turnover increased 30% to $12.1 million.

Chairman Peter Hannen said 2003 was “an outstanding year of progress” and that it marked the third year in a row that Celtic, which is quoted on London’s Alternative Investment Market (AIM), had made a profit. Celtic shares rose more than 2% after the results were announced.