Losses Soar in Challenging Year for UK Mint

In her Chief Executive’s Report for 2024-25, the Royal Mint’s Anne Jessopp reported an after-tax loss of £36.3 million, compared with a loss of £4.3 million in 2023-24, on sales of £1.3 billion (2023- 24 – £1.4 billion). In something of an understatement, she noted it had been a challenging year and the result disappointing.

In the last five years, the Royal Mint (TRM) has been diversifying and transforming its business, its objective being to ‘forge a new, more sustainable future, ensuring that our 1,100-year-old organisation thrives for generations to come’.

The driver has been the decline in cash usage, while digital payments have increased. The extent of the substitution has varied by continent and country, but the UK has been one of the countries leading this transformation. In 2024-25 payments made in cash in the UK fell below 10% for the first time (from 12% in 2023/24 to 9% in 2024/25).