A MINING firm has reiterated its commitment to coal after posting strong financial results.

Family-owned Banks Group made the announcement after revealing pre-tax profits stood at £21.6m to September 2014.

The company, which also operates renewable energy and property divisions, said coal would remain a priority, with bosses revealing reserves of more than 4.5 million tonnes of coal will be mined in the next four years.

Banks has surface mines at Brenkley Lane, near Newcastle, and Shotton, Northumberland, which employ more than 200 workers, as well as a mining site in Rusha, Scotland, and its group head office in Meadowfield, near Durham City.

Richard Dunkley, group financial director, said: “Coal remains a central part of the company’s medium to long-term commercial strategy.

“We have successfully secured extensions to our two North-East surface mines, and investigations are ongoing into further possible sites in the region.

“Estimated coal reserves at the end of September 2014 for our three operating sites were in excess of 4.5 million tonnes, which the company expects to mine over the next four years.

“As a family-owned North East business, we are proud our North-East mining operations contribute more than £35m to the regional economy every year through wages, investments and the local supply chain.

“We have also publicised plans to develop a surface mine at Highthorn, Northumberland, which we hope will enable continued employment for the region after mining operations cease at Shotton and Brenkley.”

Banks' property arm focuses on developing and reclaiming land for commercial and residential use, with its renewables division having planning permission for 12 onshore wind farms.