Vesuvius plc, a global leader in molten metal flow engineering and technology, has released its unaudited results for the six months ended June 30, 2024. The companys end markets, particularly the foundry industry, remained weak during this period. Despite these challenging market conditions, the Steel Division achieved positive results, demonstrating the resilience of its business model. The Foundry Division, however, faced difficulties due to reduced volumes despite gains in market share, pricing management, and cost reductions. The companys overall trading profit decreased by 0.9% on an underlying basis and 7.4% on a reported basis. The Groups health and safety performance improved, with a Lost Time Injury Frequency Rate of 0.64, a reduction from the previous year. Vesuvius plcs cost-saving initiatives are on track, with an initial £6 million in savings expected in 2024 and a run-rate of £10-15 million by the end of the financial year. The interim dividend per share has been increased by 4.4% to 7.1 pence. The companys outlook for the second half of the year remains cautious, with expectations of only a slight improvement in headline trading profit for the full year on a constant currency basis.
| Year | Revenue | Trading Profit | Return on Sales | Headline Basic EPS | Free Cash-flow | Net Debt / EBITDA |
|---|---|---|---|---|---|---|
| 2024 | 936.5 | 97.2 | 10.4% | 21.8 | 17.8 | 1.2x |
| 2023 | 995.3 | 104.9 | 10.5% | 24.5 | 42.1 | 1.0x |
| Change | (2.0%) | (0.9%) | +10bps | (2.9%) | (57.7%) | +0.2x |