British coal producer ATH Resources Plc posted a 36 percent fall in full-year pretax profit due to an absence of production at its ATH Regeneration unit, but said it cut its debt levels and raised dividend by 2.5 percent.
The company, which would restart production from ATH Regeneration in 2010, said it was looking forward to further significant debt reductions and returning to growth over the next few years.
ATH Regeneration had no production in 2009, following the refusal by Derbyshire County Council of the group's planning application at Langton in Nottinghamshire.
For the 53 weeks ended Oct. 4, proven coal reserves rose 4 percent to 4.7 million tonnes, while total reserves were unchanged at 8.2 million tonnes.
Its pretax profit for the year fell to 5.8 million pounds from 9.0 million pounds. Revenue grew 1 percent to 77.5 million pounds.
The company raised its full-year dividend to 6.15 pence from 6 pence last year. Its net debt fell by 5.9 million pounds to 39.4 million pounds.
ATH shares were trading unchanged at 65 pence by 0808 GMT on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Deepak Kannan)