The Royal Mint Reports on Diversification Strategy and Coin Demand

The Royal Mint (TRM) has published its latest annual report for the year ended 31 March 2024, noting total revenue of £1.4 billion – a 28% reduction from the previous year. Currency, consumer, and precious metals sales all fell from 2022-23, at £65.6 million (-8.8%), £135.8 million (-9%), and £1.2 billion (-30.5%), respectively.

TRM’s operating result for the year was a loss of £1.3 million before finance costs, compared with an operating profit of £13.9 million in 2022-23. The net loss for the year (pre-tax) was £4.2 million, compared with a profit of £12.9 million in 2022-23, whilst the post-tax loss came to £3.7 million, compared to the previous year’s profit of £10.2 million.

In its report, TRM noted that it had experienced challenges during the year, mainly through global uncertainty leading to difficult market conditions, but also as gold reached record prices and there were notable changes in consumer habits. The Mint emphasised the continuation of its five-year diversification strategy, which includes the new businesses of precious metals recovery and luxury jewellery business ‘886’.