UK Coal said this morning that good planning progress during the year and a significant rise in the value of its agricultural estate had helped offset the downward pressures on property valuations.
In a trading update ahead of its April full-year results, the UK’s largest independent coal producer said it had gained consent for over 1,200 homes and around 1.5m sq ft of business space in 2008.
In addition, planning applications were made for around 4,500 homes and 840,000 sq ft of business space.
A RICS valuation of the group’s property portfolio as at December 2008 is expected to be £422m – a fall from £438m in June 2008 but an increase on £411m in December 2007.
Taking expenditure on the estate and a small number of acquisitions and disposals into account, it expects the income statement will reflect a property revaluation result for the year around breakeven.
In its mining business, UK Coal said full-year output and sales are expected to be 7.9m tonnes, in line with October’s guidance of around 8m, and unchanged from 2007, excluding the Maltby mine.
UK Coal is pressing on with ambitious plans to unlock the latent value in its 47,500-acre land bank.
