Vesuvius Reports Strong 2017 First Half Performance
Revenue for the 2017 first half reached £831.5 million (approximately $1.1 billion), a 24.4% year-on-year change (9.6% on an underlying basis).
Vesuvius plc recently announced its results for the six months ended June 30, 2017. Revenue for the 2017 first half reached £831.5 million (approximately $1.1 billion), a 24.4% year-on-year change (9.6% on an underlying basis). Global steel production increased across all major markets, with a slowing trend in the second quarter expected to continue into the second half. Regionally, Vesuvius achieved outperformance in Europe, the Middle East and Africa (EMEA) and the U.S., as well as in the key structural growth markets of China and India.
“We had a strong H1 2017, delivering our best half-year revenue, trading profit and return on sales since demerger on a reported basis,” said François Wanecq, chief executive. “We also further demonstrated our ability to outperform underlying markets and I was especially pleased at our progress in recovering market position in the U.S. I am also happy to announce that we have identified a further £15 million (~ $19.7 million) per annum of restructuring savings, which we expect to realize over the next three years.
“Whilst the trading environment in H1 was strong, we are cautious about H2, as global steel production is slowing and the second half is seasonally weaker in Foundry. Despite some short-term headwinds, we remain confident in our ability to improve trading margins in 2018.”
For more information, visit www.vesuvius.com.