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UK Coal chair slams losses as costs spiral

first_img Share UK Coal chair slams losses as costs spiral KCS-content Tags: NULL UK COAL, the country’s biggest coal miner, saw its shares fall off a cliff yesterday after its own chairman slammed last year’s pre-tax loss of £124.6m as “woeful”. The company narrowed its losses by three per cent in 2010 but has lost a total of £269.3m and 90 per cent of its market value in the last three years.“It’s a story of woeful and sustained underperformance that’s been tolerated for far too long,” said Jonson Cox, who took over as chairman last November.UK Coal is expected to finish a root and branch strategic review of its operations by June. “Shareholders deserve a far better return than they have had in recent years,” said Cox. “It’s very clear that this business is very heavily leveraged and the future sustainable financing of this group is from equity not from debt.”UK Coal said its net debt rose 24 per cent to £242m in 2010, but that Lloyds Banking Group has agreed to extend its borrowing facilities.Deep mine operating costs have doubled from £28 per tonne to £56 per tonne at the firm’s three mines. Former chief executive Jon Lloyd, who stepped down in November, was awarded a £435,000 pay-off on top of his £344,000 salary last year, the firm’s annual report shows. Departed chairman David Jones was handed a £38,000 golden parachute.The firm was the biggest faller in the FTSE yesterday, plunging 11 per cent to 34.5p. Tuesday 19 April 2011 8:12 pm Show Comments ▼center_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapplast_img read more