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Interim Results

Vesuvius's H1 pretax profit slips lower

29 July 2016 07:43

Vesuvius' H1 pretax profit has slipped to £38.2m, from £51.4m, as revenue eased to £668.3m, from £702.6m. Interim dividend was 5.15p, unchanged on the year. Its FY outlook remains unchanged.

CEO Francois Wanecq commented:

"We have delivered an encouraging result in the first half of 2016, with an improvement in financial performance relative to the second half of 2015.

"This reflects the strength of our market position and progress in implementing our self-help initiatives and ongoing restructuring programme.

"Our end markets in steel and foundry are showing signs of stabilisation, although we expect them to remain at relatively weak levels for the remainder of the year.

"Based on our strategic and operational progress in the first half, and assuming current exchange rates continue for the rest of the year, our full year expectations remain unchanged.

"We remain confident in our ability to capitalise on any recovery in our addressable markets in the medium term."

Story provided by StockMarketWire.com

Related Company: VSVS

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