Vesuvius Reports Lower 2012 Revenue
Vesuvius Plc recently reported financial results for the year ended December 31, 2012. Group revenue from continuing operations was £1,548 million (US$2,343 million), a reduction of 8.2% compared to 2011. Underlying revenue, excluding the impact of exchange rate movements, acquisitions and disposals, declined by 4.4%. Trading profit for the year was £133 million (US$151 million), down from £183.5 million (US$277.7 million) in 2011, reflecting weaker market conditions in the second half.
Advanced refractories revenue for the full year was £476 million (US$720 million), 13% lower than 2011, partially reflecting the sale of the Andreco-Hurll refractories installation business in Australia at the end of the first half, which reported full-year revenue of £56 million (US$84 million) in 2011, as well as the second half weakness in steel production. On an underlying basis (at constant currency and excluding the impact of the sale of Andreco-Hurll) full year revenue was 2% lower than in 2011.
“Vesuvius has demonstrated its resilience in the significantly weaker steel and foundry markets experienced in the second half of 2012,” said François Wanecq, chief executive. “We have taken decisive action to exit low margin businesses and lower our fixed cost base to drive profitability and cash flow. Since the year-end, we have decided to exit completely from the Solar Crucibles business.”
For additional information, visit www.vesuvius.com.