UK Coal share price slumps
Shares in UK Coal, the coal mining giant with operations in Coventry and Nottinghamshire, have plummeted in value after the loss-making company told the Stock Exchange it had endured a "further year of poor operational performance".
More than ten percent was wiped off the Doncaster-based company's share price at yesterday's close.
UK Coal reported a pre-tax loss of £124.6m for 2010, adding that it was taking "immediate and difficult action" to improve performance.
Chairman Jonson Cox said the company's performance was "poor" and "unacceptable". Cumulative losses over three years have now totalled £269.3m.
In a report accompanying its results for the year to 25 December 2010, UK Coal said operating performance including levels of safety, production volumes and operating costs have all "deteriorated over the last five years".
The business added that "safety performance - our highest priority - has been unacceptable" and "production levels have consistently fallen short of expectation".
