Ferrexpo extends reporting deadline amid Ukraine invasion

Iron ore exporter Ferrexpo, which has operations in central Ukraine, said on Friday that after consultation with the Financial Conduct Authority, the deadline for publishing its full-year results for 2021 has been extended to 30 June.

The FTSE 250 company said the extension was implemented due to the ongoing uncertainty around Russia's invasion of Ukraine, and the impact of that on its ability to complete all necessary workstreams in relation to the results.

It said that at present, given the uncertainties surrounding the situation in Ukraine, the group remained unable to provide a date as to when its full-year financial accounts for 2021 would be published.

“The situation in Ukraine is unprecedented for Ferrexpo and unpredictable,” said chief executive officer Jim North.

“The decision to utilise the available reporting extension has been taken in light of the significant uncertainty that the group currently has in its near-term outlook, as well as the group's ability to conclude its financial accounts and for the group's independent auditors to complete their audit procedures.

“Notwithstanding the ongoing and fast-moving nature of events in Ukraine, the extension to 30 June 2022 will allow us additional time to work towards completing the necessary work streams for the publication of our full year results.”

North said that in the meantime, the company would maintain its current focus on protecting its workforce and local communities, while also continuing to contribute to the Ukrainian economy through our production of iron ore pellets.

“We will look to publish our accounts as soon as the situation in Ukraine permits us to do so.”

At 0946 GMT, shares in Ferrexpo were up 0.18% at 163.8p.