Ferrexpo H1 profits more than double

31st Jul 2024 08:13

(Sharecast News) - Ukraine-focussed mining firm Ferrexpo shares traded higher on Wednesday after the London-listed group revealed interim profits had more than doubled.

Ferrexpo said total commercial production had increased 75% to 3.7m tonnes in the six months ended 30 June, made up of 3.3m tonnes of pellets and 400,000 tonnes of commercial concentrate.

As a result, total sales surged 85% to 3.8m tonnes and post-tax profits surged 104% to $55.0m. Interim underlying earnings grew 24% to $79.0m.

Chairman Lucio Genovese said: "From a corporate perspective, we are adapting to the complexities of a prolonged war.

"We have learnt how to operate a large-scale business more nimbly, embedding flexibility into our operations and working practices. This means that we are able to adapt to the constant challenges that confront us."

As of 0950 BST, Ferrexpo shares had rallied 10.59% to 61.60p.

Reporting by Iain Gilbert at Sharecast.com