UK Coal reports third year of losses

mattWholesale Utilities Markets

The UK’s biggest coal producer has reported a third consecutive year of losses

Doncaster based company UK Coal has reported a losses for a third year running, the last two of which have seen losses of over £100m.

UK Coal has three deep mines in Yorkshire, Nottinghamshire and the West Midlands.

Chairman Jonson Cox stated the company “has become over-reliant on debt”, which has risen from £94m in 2006 to £242m in 2010.

The company are now looking at a “complete overhaul of strategy” following the latest loss of £124m last year.

This comes on top of a £129.1m loss in 2009 and a £15.6m loss in 2008.

A strategic review is now expected to be completed by June. The company has already put some changes in place to combat the bad performance, such as salary and pension changes for its 3000-strong workforce.