TIDMVSVS
RNS Number : 5280T
Vesuvius plc
25 July 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
25 July 2022
TRADING UPDATE
Vesuvius plc ("Vesuvius", the "Group"), a global leader in
molten metal flow engineering, releases the following trading
update in relation to the first six months of 2022.
TRADING AND OUTLOOK
Further to the Group's trading update in relation to the first
four months of the year made on 18 May 2022, trading for the months
of May and June remained stronger than anticipated, despite ongoing
end market weakness. As a result, Vesuvius now expects to report a
trading profit (EBITA)(1) for the first half of 2022 of GBP127.4m.
Our outperformance in H1 was due to the successful implementation
of our pricing strategy to recover input costs as well as market
share gains, supported by our technological differentiation.
In line with the announcement made on 18 May 2022, there remains
significant uncertainty as to the strength of our end markets in H2
due to the ongoing geo-political environment and potential
macroeconomic weakness. Due to this uncertainty, our expectations
for trading in the second half of the year, including a material
drop in volume compared to H1 and challenging cost inflation,
remain broadly unchanged. Consequently, Vesuvius now expects its
full year Group trading profit (EBITA)(1) to be towards the top end
of the range of current analysts' expectations(2) .
While the scale of the potential slow-down remains highly
uncertain, we are confident that we can deliver a resilient
performance and emerge stronger once end markets return to
growth.
HALF YEAR RESULTS
Vesuvius will announce its 2022 half year results at 07:00 on
Thursday 28 July 2022.
Notes:
(1) Excludes separately reported items
(2) The range of analyst expectations as at 25 July 2022 for
2022 Trading Profit (EBITA)(1) is between GBP155m and GBP199m
compiled by Vesuvius.
The person responsible for making this announcement on behalf of
the Company is Guy Young, Chief Financial Officer.
For further information, please contact:
Shareholder/analyst
enquiries:
+44 (0) 207 822
Vesuvius plc Patrick Andr é , Chief Executive 0000
+44 (0) 207 822
Guy Young, Chief Financial Officer 0000
Euan Drysdale, Group Head of Corporate +44 (0) 7584
Finance 641 315
Rachel Stevens, Head of Investor +44 (0) 7387
Relations 545 271
Media enquiries:
Andrew Jaques/ Rachel Farrington/Peter +44 (0) 203 128
MHP Communications Lambie 8570
About Vesuvius plc
Vesuvius is a global leader in molten metal flow engineering and
technology principally serving process industries operating in
challenging high--temperature conditions.
We develop innovative and customised solutions, often used in
extremely demanding industrial environments, which enable our
customers to make their manufacturing processes safer, more
efficient and more sustainable. These include flow control
solutions, advanced refractories and other consumable products and
increasingly, related technical services including data
capture.
We have a worldwide presence. We serve our customers through a
network of cost-efficient manufacturing plants located close to
their own facilities, and embed our industry experts within their
operations, who are all supported by our global technology
centres.
Our core competitive strengths are our market and technology
leadership, strong customer relationships, well established
presence in developing markets and our global reach, all of which
facilitate the expansion of our addressable markets.
Our ultimate goal is to create value for our customers, and to
deliver sustainable, profitable growth for our shareholders giving
a superior return on their investment whilst providing each of our
employees with a safe workplace where they are recognised,
developed and properly rewarded.
We think beyond today to create solutions that will shape the
future for everyone.
Forward looking statements
This announcement contains certain forward looking statements
which may include reference to one or more of the following: the
Group's financial condition, results of operations, cash flows,
dividends, financing plans, business strategies, operating
efficiencies or synergies, budgets, capital and other expenditures,
competitive positions, growth opportunities for existing products,
plans and objectives of management and other matters.
Statements in this announcement that are not historical facts
are hereby identified as "forward looking statements". Such forward
looking statements, including, without limitation, those relating
to the future business prospects, revenue, working capital,
liquidity, capital needs, interest costs and income, in each case
relating to Vesuvius, wherever they occur in this announcement, are
necessarily based on assumptions reflecting the views of Vesuvius
and involve a number of known and unknown risks, uncertainties and
other factors that could cause actual results, performance or
achievements to differ materially from those expressed or implied
by the forward looking statements. Such forward looking statements
should, therefore, be considered in light of various important
factors that could cause actual results to differ materially from
estimates or projections contained in the forward looking
statements. These include without limitation: economic and business
cycles; the terms and conditions of Vesuvius' financing
arrangements; foreign currency rate fluctuations; competition in
Vesuvius' principal markets; acquisitions or disposals of
businesses or assets; and trends in Vesuvius' principal
industries.
The foregoing list of important factors is not exhaustive. When
considering forward looking statements, careful consideration
should be given to the foregoing factors and other uncertainties
and events, as well as factors described in documents the Company
files with the UK regulator from time to time including its annual
reports and accounts.
You should not place undue reliance on such forward looking
statements which speak only as of the date on which they are made.
Except as required by the Rules of the UK Listing Authority and the
London Stock Exchange and applicable law, Vesuvius undertakes no
obligation to update publicly or revise any forward looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward looking events discussed in this
announcement might not occur.
Vesuvius plc, 165 Fleet Street, London EC4A 2AE
Registered in England and Wales No. 8217766
LEI: 213800ORZ521W585SY02
www.vesuvius.com
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END
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