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Net profit after tax for the year ended June 30 rose to $9.7 million from $1.27 million the year before – 62% above the forecast contained in a prospectus released in April when Centennial raised $43 million through a share placement to fund the purchase of its 50% stake in the Springvale colliery.

Earnings per share rose to 22.7 cents from 3.7c in fiscal 2000, and Centennial directors have declared a final unfranked dividend of 4.5c a share, making a total of 7c per share for 2000-01.

Group production and sales were up 20% on the previous year at 2.6Mtpa and 2.8Mtpa respectively, primarily due to the acquisition of the 50% economic interest in Springvale in December and increased production and export sales from Clarence.

Managing director Bob Cameron said Springvale had been smoothly integrated into the company's management style and returned a better-than-forecast result.

"During the final quarter, Springvale successfully underwent a planned longwall move and delivered the agreed tonnage under its 2Mtpa coal supply contract to Mt Piper power station," Cameron said.

Acquisition of Springvale has boosted Centennial's assets to $161.4 million, funded by shareholders' funds of $96.7 million and total liabilities of $64.7 million.

As one of three listed pure coal plays left in the Australian market - soon to be four with the listing later this month of Enex Resources - Sydney-based Centennial has caught the eye of investors keen to ride the coal market's recovery.

A year ago, Centennial was trading around the mid-50c range – today it closed at $1.15, down from a July high of $1.32.

Looking to the future, Cameron expected a further increase in profitability in 2002 on the back of the Springvale investment and continuation of Clarence's record-breaking performance levels.

"Having successfully raised $43 million in new equity and refinanced our loan facilities, Centennial Coal is in a strong position to make further acquisitions and grown its business profitably. We are already evaluating further opportunities," Cameron said.