28th Feb 2022 11:11
(Alliance News) - Ferrexpo PLC said Monday it will delay the publication of its annual results, amid the invasion of Ukraine, where its operations are located.
The Baar, Switzerland-headquartered producer of iron ore pellets said it has been able to send a portion of its production to Ukraine's western border.
Shares were up 5.0% in London on Monday at 160.70 pence each. The wider FTSE 250 index was down 0.4%. Ferrexpo remains down 13% so far in 2022, however.
"This decision has been made due to the ongoing conflict in Ukraine, which is requiring significant management attention and therefore impacting on the usual internal processes for preparing the group's full year results," the company said.
The results were due on March 16.
Ferrexpo noted the delay will allow it and its auditor time to "consider the full impact" of the Ukraine situation on its results.
The company said it is unable to give a date for when its results will be filed.
Turning its operational performance, Ferrexpo said it has been made aware of reports of the Ukrainian railway network providing limited capacity to its freight customers. As a result, the company has dispatched a proportion of its production to the western border of Ukraine to customers in Europe.
On Friday, Ferrexpo issued force majeure notices to customers who were due to receive shipments in the near term. On Thursday, the Ukraine government had suspended rail transportation.
In a statement Monday, Ferrexpo added: "It remains unclear as to the ongoing availability of railing capacity and, if available, the quantity of pellets that the group may be able to deliver to its European customers."
By Paul McGowan; [email protected]
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