Royal Mint credit COVID gold rush and David Bowie for return to revenue | Enterprise Information

The Royal Mint has revealed how a leap in demand for funding in valuable metals helped it ship a return to annual revenue, with the coronavirus disaster prompting a surge in costs.

The federal government-owned mint, based mostly exterior Cardiff, reported a pre-tax revenue of £12.4m through the 12 months to 31 March in contrast with losses of £0.2m over the earlier 12 months.

Income rose 85% to only shy of £1.1bn.

EMBARGOED TO 0001 THURSDAY APRIL 29 Undated handout photo issued by the Royal Mint of the obverse on the ten-kilo gold commemorative coin, the largest coin they have produced in its 1,100-year history to celebrate the conclusion of its Queen's Beasts Beasts commemorative coin collection which captures all ten beasts side by side in a single design. The series takes its inspiration from the ten stone statues which lined her route to Westminster Abbey at her Coronation in 1953. Issue date: Thursda
This ten-kilo gold ‘masterwork’ was proven off in April this 12 months to mark The Royal Mint’s Queen’s Beasts assortment

The producer of cash for the UK and greater than 30 different nations globally additionally credited gross sales of historic cash and unique ‘Masterwork’ items, together with a 9.5kg gold coin to mark the Queen’s ninety fifth birthday.

The corporate reported document worldwide gross sales, notably in Asia and the US, for the Music Legends section of its widespread tradition sequence of celebratory and commemorative cash honouring the likes of Sir Elton John and the late David Bowie.

One Bowie coin was even blasted into area to very large publicity in December 2020 – emulating the artist’s well-known Main Tom character, who options within the lyrics to 3 of his songs.

Commemorative Bowie coin is launched into orbit
The commemorative Bowie coin honouring House Oddity was launched into orbit on 7 December 2020

The Royal Mint mentioned, crucially, that gross sales of gold and silver doubled over the 12-month interval, aided by a 430% enhance in millennials flocking to its on-line DigiGold platform to reap the benefits of a spike in commodity costs.

The worldwide value of gold – a closely-watched barometer of investor sentiment – hit document ranges through the COVID-19 disaster as economies entered hibernation to guard public well being, with costs passing $2,000 an oz final August.

It turned one of many best-performing property throughout 2020.

Silver prices hit ranges not seen since 2013.

The mint mentioned it attracted 25,000 new valuable metallic funding clients.

One draw back of the pandemic has been a stoop in demand for brand spanking new cash globally given lockdowns and client reliance on on-line purchases.

It was introduced in September 2020 that it might not produce new 2p and £2 cash for the UK as there have been sufficient in circulation to final at the least the subsequent decade.

The company said 200 staff made 1.9 million medical visors for the NHS during lockdown at The Royal Mint Experience
The corporate mentioned 200 workers made 1.9 million medical visors for the NHS throughout lockdown at The Royal Mint Expertise

Graham Love, chairman of the 1,100 12 months previous firm, mentioned: “Regardless of the numerous headwinds of the previous 12 months the group have delivered an impressive end result – reaching document monetary efficiency, safeguarding staff and making medical visors for the NHS.

“The pandemic accelerated the diversification of The Royal Mint, and the methods already underway within the client division allowed it to flourish and offset declines within the foreign money enterprise.”

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