UK Coal reveals first profit in four years

UK Coal posted its first profit in four years today after higher production and coal prices sparked a turnaround at its collieries.

The group, which is a major supplier to Britain’s coal-fired power stations from three deep mines and six surface mines, swung from an interim loss of £93.2m to a profit of £22.1m in the six months to June as revenues jumped more than 80% to £256m and average prices rose by 20%.