Royal Mint Invests in New Future to Offset Falling Demand

The Royal Mint (TRM) announced its results for 2022/23 which, according to Anne Jessopp, its Chief Executive, was a pivotal year as it embarked on a five year business transformation plan.

Revenue for the year increased by 33.82% to £1.87 billion and operating profit by 27.3% to £17.7 million. The Mint noted that its underlying profit increased to £24.4 million, which enabled significant investment in new businesses aimed at sustainability. In the year it increased its production staff from 457 to 487, its sales and marketing staff from 194 to 242 and its administration staff from 759 to 909.

Although revenue for Currency (circulation coins) increased by 16.1% to £74.4 million, its operating loss increased from £4.5 million in 2021/22 to £13.1 million in 2022/23. Volumes dropped sharply, from 339 million to 56 million. The majority (33 million) were £1 coins. No 1p, 2p or £2 coins were produced.