Vesuvius sees ‘modest’ rise in FY expectations

by | Jul 27, 2023

(Sharecast News) – Molten metal flow engineering and technology specialist Vesuvius “modestly” lifted full-year guidance despite a fall in interim profits driven by lower steel production.
Pre-tax profit for the six months to June 30 fell 19% to £95m, the company said on Thursday. The board declared an interim dividend of 6.8p a share, up 5% year on year.

Steel production in the world excluding China and Iran, which accounts for approximately 90% of Vesuvius’ Steel division sales, had started to recover in the second quarter from the low levels of the previous six months but the pace of the recovery was “uncertain, in particular in the long steel sector, affected by the general weakness of the construction sector”, the company said.

“Despite difficult market conditions, especially in the steel sector, we have performed well in the first half of the year, exceeding expectations, thanks, in particular, to a very resilient pricing performance.”

“We expect to maintain pricing discipline in the second half of the year, and we are progressing our efforts to gain market share through technological differentiation. As a consequence, noting typical seasonality and despite remaining macro-economic uncertainties, we feel confident to modestly increase our full year expectations.”

Reporting by Frank Prenesti for

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!