Vesuvius 2013 Revenue Down 2%; Advanced Refractories Revenue Decreases by 3%
Vesuvius Plc recently announced its preliminary audited results for the year ended December 31, 2013—its first full year of independence following the demerger of Cookson Group Plc in December 2012. Revenue of £1,511 million (~ $2,526 million) decreased 2.4% compared to £1,548 million (~ $2,588 million) in 2012. The company reported return on sales improved by 80 basis points to 9.3%, and a 100 basis point improvement on an underlying basis.
Advanced Refractories revenue was £461,8 million (~ $772 million) in 2013, down 3% compared to £476,4 million (~ $796,5 million) in 2012.
“In our first complete year as an independent company, we have successfully initiated the recovery of margins across the group despite an unfavorable economic environment,” said François Wanecq, chief executive. “Market conditions remained challenging in 2013, continuing from the reduced levels of activity seen in the second half of 2012, and Sterling strengthened substantially in the second half of 2013, impacting our reported growth numbers.”
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