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Royal Mint helped back to profit by pandemic gold rush and demand for David Bowie coins

·1 min read
David Bowie died in January 2016 and was honoured with a commemorative coin (PA)
David Bowie died in January 2016 and was honoured with a commemorative coin (PA)

Demand for coins honouring stars including David Bowie has helped the Royal Mint return to annual profit, the Government-owned coin-maker has revealed.

The 1,100-year-old group makes coins for the UK and countries around the world, and also offers investment products.

On Wednesday it reported a £12.4 million pre-tax profit for the year to April, up from a £200,000 loss the previous year.

The mint said it was also boosted by investors piling into precious metals amid the pandemic, with its sales of gold and silver doubling in the period.

The mint said its consumer division also notched up a record performance, with revenues nearly doubling to £1.1 billion.

The group, which is based outside Cardiff, also said strong sales of its historic coins and exclusive pieces - including a popular culture series featuring music superstars David Bowie and Sir Elton John - led to record international sales, particularly in the US and Asia.

Others in high demand included a limited edition, 9.5kg gold coin marking the Queen’s 95th birthday and a Great Engravers series, which sold out in half an hour.

Royal Mint chief executive Anne Jessopp told the Press Association: “As spending habits change, we set out to reinvent the Royal Mint and secure our long-term future as a British maker.

“By purposefully expanding into areas which complement our heritage, we have been able to attract thousands of customers to precious metals, showcase British craftsmanship and achieve record revenues.

“We might be 1,100 years old, but we are firmly focused on the future.”

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