Vesuvius Sees Strong Performance in All Regions and Business Units in 2017
Revenue reached nearly £1.7 billion (approximately $2.4 billion) in 2017, an increase of 20.2% from 2016’s £1.4 billion (~ $1.9 billion).
Vesuvius plc recently announced its preliminary audited results for the year ended December 31, 2017. Revenue reached nearly £1.7 billion (approximately $2.4 billion) in 2017, an increase of 20.2% from 2016’s £1.4 billion ((~ $1.9 billion). Underlying revenue and trading profit were up 12.5% and 16.1%, respectively, in 2017.
Trends impacting positive growth included global steel production, which increased 5.3% in 2017, as well as positive momentum in the majority of the Foundry business unit’s end markets. In addition, momentum accelerated in China, with 9.2% underlying sales growth. Vesuvius reports that it is benefiting from growing demand for higher quality products in the region.
“I am pleased to report that Vesuvius has achieved a strong set of results in 2017, delivering our highest trading profit since we became an independent company in 2012,” said Patrick André, chief executive. “We benefitted from positive growth in both our steel and foundry end markets and also significantly increased the sales penetration of our value-creating solutions.
“We continued the timely delivery of our previously announced restructuring program, mainly in Flow Control, and are announcing today a completely new program focused on Advanced Refractories, Foundry and Group corporate functions, targeting £15 million (~ $20.8 million) in savings by 2020. Looking forward, we are focused on accelerating the realization of our core strategic objectives of delivering long-term sustainable and profitable growth.”
For more information, visit www.vesuvius.com.