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Market Cap: £168.16m

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Ferrexpo declares interim dividend

Thu, 18th Jan 2024 14:02

(Sharecast News) - Ferrexpo rallied on Thursday as it declared an interim dividend of 3.3 US cents a share after exceeding its expectations in 2023.

The iron ore pellet producer said it performed well in the second half of the year, with production optimisation and an improved pricing environment allowing the board to consider an interim dividend.

Executive chair Lucio Genovese said: "We exceeded our expectations in 2023 thanks to improved demand, production optimisation and higher iron ore prices. After paying taxes, maintenance and expansion capital, our year-end financial position is stronger than at the start of the year.

"The new year has also started well for the iron ore industry with signs of an increase in pellet demand, providing the confidence to restart a second pellet line to meet export demand."

Swiss-based Ferrexpo has three iron ore mines and an iron ore pellet production facility in central Ukraine.

At 1435 GMT, the shares were up 18.2% at 85.61p.