The company has been through a period of change with control of the board being seized by B. Birthistle, S.Hughes, P. Murray, and now their latest addition D. Butel. Only R.Chenery remains as a current member from the old trio of Bates, Chenery and Cannane, who were in charge until Nov 2003 when the changes began with shareholders electing Mr Birthistle to the board followed by Hughes and murray a year later.
This change meant the focus turned towards lowering the company's debt levels while at the same time grabbing as much of the attractive growth opportunties which were presenting themselves in an extremely bouyant coal sector. Dividend payment was placed on the backburner.
Now the company has dropped its LT debt from 16M in mid 2003 to just over 9M as of Dec 31 2005, while seeing revenues grow from about 21M for 6 months in 03/04 to 29M for the first 6 months of this FY. the time is ripe for higher profits and a return to dividends :-)
Regards,
Cheerful
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