Royal Mint Reports Success of Diversification Plan

For his opening statement in The Royal Mint (TRM) Annual Report 2022-23, Chairman Graham Love chose the following words: ‘I feel a strong sense of pride in how The Royal Mint has performed throughout the past year. Our evolution into a consumer brand is successfully safeguarding The Royal Mint for the future, protecting jobs, preserving our heritage and ensuring our relevancy in today’s markets. As one of Britain’s oldest businesses, we’re committed to conserving our legacy for the next generation’.

He followed this with: ‘we appreciate that the way people use coins is changing, and that coin usage is decreasing, and we’re realistic about what that means for The Royal Mint. Our historic core mission remains to ensure the availability of circulating UK coins but alongside that, our plan to transform our business is proving a success. As a result, I am delighted to report that we have achieved another positive result for the year, successfully mitigating the performance of our loss-making Currency business and the start-up costs for our new businesses by increased contribution from our more established Consumer businesses, particularly commemorative coins and precious metals investments.’