The iron-ore pellet producer with operational headquarters in Ukraine published full year results this morning. Whilst the company had managed an impressive 66% uptick in production, average selling prices fell by 17% resulting in a 43% increase in revenue. Input costs also rose but ultimately it was the fact the business needed to book a $72m impairment charge that has clouded the outcome, resulting in a $50m loss being reported. The outlook is difficult to call with the ongoing war but management see some opportunities for delivering further efficiencies. The picture is further clouded by an ongoing legal dispute with the Ukrainian government and the Ferrexpo share price was down almost 10% in early trade.
Full year results from M&G were released today with the investment manager beating profit expectations off the back of falling costs and whilst net outflows were recorded across the board, this was mitigated by the positive impact of acquisitions. A focus on simplifying the business is seen as being key to the gains here, whilst there’s a move to a progressive dividend policy reported as well, starting with a modest 2% uptick this year. Whilst the challenging market conditions are expected to persist off the back of geopolitical uncertainty, there’s still confidence over the outlook. The M&G share price was 4% higher shortly after the open.
The FTSE-250 listed provide of IT infrastructure products Softcat announced half year results this morning, with the market offering the numbers an upbeat reception. Gross invoiced income was up 19%, gross profits rose 12% and shareholders are receiving a 4.7% increase in the interim dividend. The performance was seen as slightly ahead of board expectations and the company expects to deliver double digit growth for the full year. The Softcat share price was 10% higher by 8.30am.
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