Business
Trading update
Trading update.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \nRNS Number : 4575B Ferrexpo PLC 07 June 2019 \n\n7 June 2019\nFERREXPO plc\n(\"Ferrexpo\" or the \"Group\")\n \nFerrexpo 2019 AGM Statement and Board Appointment\nThe Company is releasing the following update as part of its Annual General Meeting which is being held today.\n \nTrading update\nGroup EBITDA in 1H 2019 is expected to increase materially compared with 1H 2018. Year to date, the improvement in profitability has been driven by higher pricing, production and sales volumes compared to 1H 2018. While the average C1 cost of production is likely to increase in 1H 2019 compared with 1H 2018, cost inflation has been lower than expected due to a fall in the Brent oil price and the European gas price partially offset by an appreciation of the Ukrainian Hryvnia versus the US Dollar.\n \nBoard appointment\nFerrexpo is pleased to announce that, as of 10 June 2019, Graeme Dacomb will be appointed to the Board as an independent non-executive director chairing the Audit Committee and will be a member of the Independent Review Committee which is looking into matters relating to Blooming Land.\n \nMr Dacomb was a partner at Ernst and Young (EY) for 26 years where, for his last twelve years, he was a lead partner in the extractive industry, responsible for coordinating the provision of a full suite of services to multinational mining and oil and gas clients including Xstrata, Fresnillo, and BP across a broad range of countries including emerging markets. In addition to audit services, he provided critical advice for his clients on corporate governance structures, risk management, acquisitions, disposals and financial systems and controls.\n \nFrom 2011 to 2018, Mr Dacomb was a member of the Financial Reporting Review Panel.\n \nThere are no other matters that require notification in respect of Mr Dacomb pursuant to LR 9.6.13.\n \nSteve Lucas, Chairman of Ferrexpo, said:\n \n\"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.\nThe Independent Review into how Ferrexpo's donations to a third party charity in Ukraine were used remains ongoing. The Company will ma...