2 June 2020 – cessation of mining activities/trading update
The company has announced that it has decided to cease all its coal mining operations by July 2020 which will result in an exceptional charge of £3.7m in the year to 31 May 2020. The group has seen little impact from Covid-19 on its operations apart from some relatively minor disruption in its property business and therefore excluding the effect of this its results for the year to 31 May 2020 will be in line with expectations. The group has a £50m borrowing facility due to expire on 31 August 2020, but negotiations regarding this are continuing and the company is confident the facility will be renewed. The shares remain a BUY.