Vesuvius plc. (VSVS.L) Thursday announced a first half profit that declined, as revenues were down from the prior year. The quarterly earnings were 653. Million pounds, or 21.6 cents per share, compared to 72.6 million pounds or 24.3 cents per share last year. Comprehensive income was 55.4 million pounds.
Revenue for the quarter declined to 936.5 million pounds, from 995.3 million pounds a year ago.
The molten metal flow engineering and technology company said the end markets were weaker than anticipated, in particular Foundry.
Patrick Andre, chief executive officer said, "We no longer expect a significant improvement in our end markets in the second half, with most external forecasts predicting end market recovery being postponed to 2025. Accordingly, we now expect our full year headline trading profit for the year to be only slightly ahead of last year on a constant currency basis."
The company said it remains confident in the growth potential of its steel and foundry markets and remains very well positioned to benefit from the recovery in these markets once it materialises.
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