Vesuvius plc (LON:VSVS), a global leader in molten metal flow engineering, released the following trading update in relation to the first six months of 2022.
TRADING AND OUTLOOK
Further to the Group’s trading update in relation to the first four months of the year made on 18 May 2022, trading for the months of May and June remained stronger than anticipated, despite ongoing end market weakness. As a result, Vesuvius now expects to report a trading profit (EBITA)1 for the first half of 2022 of £127.4m. Our outperformance in H1 was due to the successful implementation of our pricing strategy to recover input costs as well as market share gains, supported by our technological differentiation.
In line with the announcement made on 18 May 2022, there remains significant uncertainty as to the strength of our end markets in H2 due to the ongoing geo-political environment and potential macroeconomic weakness. Due to this uncertainty, our expectations for trading in the second half of the year, including a material drop in volume compared to H1 and challenging cost inflation, remain broadly unchanged. Consequently, Vesuvius now expects its full year Group trading profit (EBITA)1 to be towards the top end of the range of current analysts’ expectations2.
While the scale of the potential slow-down remains highly uncertain, we are confident that we can deliver a resilient performance and emerge stronger once end markets return to growth.
HALF YEAR RESULTS
Vesuvius plc will announce its 2022 half year results at 07:00 on Thursday 28 July 2022.
Notes:
1 Excludes separately reported items
2 The range of analyst expectations as at 25 July 2022 for 2022 Trading Profit (EBITA)1 is between £155m and £199m compiled by Vesuvius.
Vesuvius is a global leader in molten metal flow engineering and technology principally serving process industries operating in challenging high‑temperature conditions.
