Ferrexpo 2019 Final Dividend

RNS Number : 3632K

Ferrexpo PLC

21 April 2020

 

21 April 2020

FERREXPO PLC

("Ferrexpo", "the Company" or the "Group")

Ferrexpo 2019 Final Dividend

Since the announcement of the Group's 2019 full year results on 18 March 2020, where the Directors deferred their decision regarding a final dividend for the year, the Group has continued to perform well and in line with its expectations. Pellet production in 1Q 2020 was up 7% compared to 1Q 2019 (see 1Q 2020 production report announced on 7 April 2020), while sales tonnages have been successfully re-allocated within the Group's customer portfolio to markets less affected by the Covid-19 virus. Costs are benefitting from lower oil and energy prices and the Group has continued to maintain a strong balance sheet and low debt levels with net debt further reducing since 31 December 2019. 

As a result, the Directors are pleased to announce a final special dividend for the 2019 financial year-end of 3.3 US cents per share (2018 final special: 6.6 US cents per share) and a final ordinary dividend for the year of 3.3 US cents per share (2018 final ordinary: 6.6 US cents per share). The final special dividend will be paid on 14 May 2020 to shareholders on the register at the close of business on 1 May 2020.  If the final ordinary dividend is approved by shareholders at the Company's AGM on 28 May 2020, payment will be made on 2 July 2020 to those on the register at the close of business on 5 June 2020. Dividends will be paid in UK Pounds Sterling, with an election to receive in US Dollars.

Steve Lucas, Non-Executive Chairman, said:

"Since the announcement of our full year results on 18 March, the Group has continued to trade well despite current macro-economic difficulties. This has primarily been achieved by redirecting sales to Asia while our costs have also fallen. As a result, the Board feels it is appropriate to declare a final special and ordinary dividend for 2019."

For further information, contact:

Ferrexpo:
Ingrid McMahon	[phone]
Maitland:
James Isola	[phone]

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. In 2019, the Group produced 10.5 million tonnes of pellets ranking it as the 3rd largest exporter of pellets to the global steel industry with a market share of approximately 8%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. Ferrexpo has a premium listing on the main market of the London Stock Exchange. For further information, please visit  www.ferrexpo.com

 

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