I am very pleased to be able to inform shareholders that your Company achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of £4.6 million (2013: £3.0 million). Of these earnings, £3.5 million were generated in the second half of the year.

To a significant extent, this strong performance in the second half of the year can be attributed to the successful implementation of the turnaround plan put in place by your management in London and at Black Wattle Colliery, our direct coal mining asset, in South Africa.

As reported last year, at the end of 2013 the open cast mining operations at Black Wattle were severely impacted when one of our main production pits ran into unrecorded old underground workings. A turnaround plan was put in place. This involved the swift movement of the machinery to two of our more profitable production pits in order


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