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FTSE 250 mining and processing company Ferrexpo (LON:FXPO) has said that EBITDA for the first half of 2019 will be materially above the same period of last year. This has been driven by higher pricing as well as increased production and sales volumes. Costs will be above those in the first half of 2018, but cost inflation has been lower than expected due to falling oil and gas prices.
Chairman Steve Lucas commented: “Ferrexpo continues to be well positioned to supply a high quality iron ore product to the top steel mills in the world receiving a record price premium for its product. The Group’s balance sheet remains strong with net debt expected to further reduce compared to 31 December 2018.
“The Independent Review into how Ferrexpo’s donations to a third party charity in Ukraine were used remains ongoing. The Company will make an announcement to shareholders when the Independent Review Committee completes its work. To date, after a significant amount of work on the part of our forensic accountants and legal advisors, there has been no conclusive evidence of any wrongdoing“.
Ferrexpo’s share price rose by 3.85% to 248p (as of 14:15 BST).