Royal Mint sees big rise in profits to £13.1m

The Royal Mint has announced a big rise in profits to £13.1m for 2015-16.

The mint, which employs about 900 people at Llantrisant, Rhondda Cynon Taff, saw its profits increase from £11.4m the year before.

Its revenue rose 39% to £360.6m and bullion sales "contributed largely" to the success, according to chief executive Adam Lawrence.

The mint is producing 1.4 billion new 12-sided pound coins for next year.

The company's circulating coin sales also grew 17% to £124m over the period, with demand from the UK market remaining "strong".

But the number of coins manufactured dropped from 4.6 billion for 30 countries in 2014/15, to 4.4 billion for 40 countries throughout 2015-16.

In May, the company launched a new visitor attraction, The Royal Mint Experience, which includes a factory tour explaining how the coins are made.

The design for the new 12-sided £1 coin which is due to go into circulation next March