The rush to invest in gold and silver and the demand for commemorative coins in honor of David Bowie have helped the Mint return to its annual profits.
The government-owned coinmaker revealed it achieved a pre-tax profit of £ 12.4million in the year ending March 31, against losses of £ 200,000 the previous year as investors crammed into precious metals amid the pandemic.
The Mint said its consumer division had a record performance, with profits reaching £ 12.7million from £ 1.1million in 2019-20 after revenue nearly doubled to 1.1 billion pounds sterling.
The 1,100-year-old group, which makes coins for the UK and countries around the world and also offers investment products, said sales of gold and silver had doubled as demand for its new digital savings platforms was increasing.
These were particularly popular with millennial investors, with a 430% increase in those investing in its DigiGold online platform as commodity prices rose.
Investors flocked to safe-haven assets like gold when the pandemic hit and stock markets fell.
The Royal Mint, based outside Cardiff, said it attracted more than 25,000 new customers during the year, taking advantage of booming demand to increase its market share.
He also thanked the strong sales of his historic pieces and exclusive pieces, with a popular culture series featuring music superstars David Bowie and Sir Elton John leading to record international sales, particularly in the United States and in Asia.
Others in high demand included a limited edition, a 9.5kg gold coin marking the Queen’s 95th birthday, and a Great Engravers series, which sold out in half an hour.
Royal Mint Managing Director Anne Jessopp said: “As consumer habits change, we set out to reinvent the Royal Mint and secure our long-term future as a UK manufacturer.
“By deliberately expanding into areas that complement our heritage, we have been able to attract thousands of clients to precious metals, showcase British craftsmanship and achieve record revenues.
“We may be 1,100 years old, but we are resolutely looking to the future. “