- Ferrexpo said its full year results would be delayed until April as the company required more time to corroborate evidence that its charitable donations to Blooming Land had been possibly misused.

The full year results for the financial year ended 31 December 2018 would be released on or before 25 April 2019.

'The IRC is looking into donations made by Ferrexpo to the Blooming Land Charity and can report that it has made progress in receiving explanations regarding the differences contained on the bank statements (see announcement dated 4 February 2019 for further background),' the company said.

The Independent Review Committee (IRC) had also received third party evidence to explain some of the possible discrepancies in the application of funds by Blooming Land, the company said. The IRC was undertaking further work to corroborate the explanations and evidence.

But the company warned that at the current time, the board cannot guarantee that the review would be complete by the publication of its full year results, or will complete favourably.

This comes after the company on 19 March said that the preliminary work of BDO, an independent review committee had identified a 'number of discrepancies' on the application of funds by Blooming Land and its sub-funds, indicating that the funds may not all have been used for their stated purpose.

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