BusinessCompany NewsRoyal Mint blasted by MPs over record loss

Royal Mint blasted by MPs over record loss

MPs blasted the financial secretary to the Treasury, Ruth Kelly, yesterday over the poor performance of the Royal Mint, which produced a record £18.5m operating loss for the year.

Link: Trading losses at Royal Mint hit £6.5m

Kelly was questioned by members of the Treasury select committee over who was responsible for the loss, which included a £12m provision for redundancy costs, and for the security at the Royal Mint that resulted in the theft of £25,680 earlier this year.

Royal Mint chief executive, Gerald Sheehan, blamed the loss on over-ambitious expansion plans and a fall in the international demand for coins. The Mint however has moved into profit over the first seven months of the year and expects to finish the year in the black.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor