Business
Interim Results for six months ended 30 June 2024
Interim Results for six months ended 30 June 2024.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n\n\n \n31 July 2024\n \nFORMATTING AMENDMENT\n \nThe ' Interim Results for the six months ended 30 June 2024' announcement released on 31/07/2024 at 07:00 under RNS No 4802Y has been reformatted to rectify table headline visibility.\n \nAll material details remain unchanged.\n \nThe full text is shown below.\n \nFerrexpo plc\n(\"Ferrexpo\", the \"Group\" or the \"Company\")\nInterim Results for the six months ended 30 June 2024\nResilience drives an improved performance\n \nFerrexpo plc (LSE: FXPO), a premium iron ore pellet producer and exporter to the global steel industry, is pleased to report interim results for the six months ended 30 June 2024 (\"the period\" or \"first half\" or \"first six months\" or \"1H 2024\").\nCommenting on the results, Lucio Genovese, Executive Chair, said:\n\"Ferrexpo continues to demonstrate resilience, retaining the entire workforce during a time of war, whilst increasing production and ensuring exports to our customers around the world. The significance of our operations has never been greater to our people, local communities and Ukraine.\nFrom a corporate perspective, we are adapting to the complexities of a prolonged war. We have learnt how to operate a large-scale business more nimbly, embedding flexibility into our operations and working practices. This means that we are able to adapt to the constant challenges that confront us. With access to Ukrainian Black Sea ports returning during the period, we were able to respond quickly, bringing idled production capacity back on line and exporting to our customers via seaborne routes, thereby achieving our best production result since the start of Russia's full-scale invasion.\nRevenues and EBITDA also improved in the first six months and underscore the extraordinary effort and commitment of our workforce. 8,000 people, across every business function, co-ordinating their skills and expertise, time and resources, to realise these tremendous results. The fact that we can achieve so much in such challenging conditions is testament to our resilience and perseverance today, and in the future.\nDuring the period, we deployed cash to increase production and preserve the integrity of our assets. Nevertheless, despite adding volume and lowering our controllable unit costs, we must accept that we are operating in an env...