Business
Preliminary Results
Preliminary Results.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 4408D Ferrexpo PLC 23 March 2011 \n \n\n23 March 2011 \nFERREXPO plc\n(\"Ferrexpo\" or the \"Group\")\n \n \nPRELIMINARY RESULTS\n \nFerrexpo, the FTSE 250 iron ore pellet producer, today announces its preliminary results for the year ended 31 December 2010. \n \nFinancial Performance\n \nExcellent financial performance driven by increased volume, significant price growth and robust cost control\n \n· Revenue doubled to US$1.3 billion (2009: US$649 million)\n· EBITDA increased by over 300% to US$585 million (2009:US$138 million)\n· PBT increased over 5 fold to US$498 million (2009: US$81 million)\n· Diluted EPS increased 5 fold to 72.24 US cents (2009: 12.05 US cents)\n· Final dividend maintained at 3.3US cents per share in line with growth strategy\n· Net debt reduced 60% to US$104 million (2009: US$258 million), low gearing at 12%\n \nOperational and Strategic Highlights\n \nRecord level of pellet production and recommencement of capital investment programme \n \n· Pellet production increased 14% to a record of 10.0 million tonnes (2009: 9.7 million tonnes)\n· US$647 million capex expenditure approved as part of an investment programme to double pellet output \n· Further logistics capabilities improved:\n· Purchased 300 rail cars\n· Acquired European logistics company, Helogistics \n· Post Period End\n· Appointment of Brian Maynard as COO\n· Sales office opened to develop sales in the Middle East and Asia\n· Appointment of Jason Keys as incoming CMO\n· Acquisition approved for up to a further 1,000 rail cars\nOutlook\n \n· 2011 financial year started well with continued strong demand for Ferrexpo's product\n· Ferrexpo to continue to produce at full capacity \n· Whilst the i...