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Half Year Results 2013 Vesuvius plc
Following the completion of the sales of the Precious Metals Division, Vesuvius is now a focused molten metal engineering company running an Steel and Foundry Division. The total half year revenue reached GBP 73 million (H1 2012: GBP 819 milion). The Steel Division contributed GBP 514 million (GBP 279 million with the steel flow control activities, another GBP 235 million with advanced refractories). The Foundry Division contributed GBP 259 million revenue (H1: GBP 283 million) with a trading profit of GBP 28 million. The revenue include GBP 3 million of the solar crucible activites. The decision to exit the loss-making solar business was already implemented. The trading profit of the Steel Division GBP 43 million resulting in a total trading profit of GBP 71 million (9,2 % compared to 9,7 % in H1 2012). A lower sales revenue in the Steel Division is mainly reflecting the disposal of the VGT Dyko operation in Germany and the Andreco Hurll business in Asia. The disposal of the low-margin construction and installation business in Canada was meanwhile annonced too. Positive impact ot this division was provided by good revenue and profit performance in India and South East Asia. The decline in the Foundry Division is seen as in line with the current overall trading condtion (e.g. weakness of heavy truck production in Europe, reduced mining, and rail-road sector in the Americas). The new Foundry Division global R+D facilities in the Netherlands, which will include an experimental foundry, remains on track to become fully operational by mid 2014. (8/2013)
