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Vesuvius plc: AGM Trading Update

Vesuvius expects the underlying trading environment to remain broadly similar to that experienced in the first four months of 2015, and a trading performance to be in line with current full year market expectations. Group revenue in the first four months of the year was GBP 474,9 million, 2 % lower than 2014. Excluding the impacts of foreign currency translation differences, revenue was 1,3 % lower than 2014, due to reduced trading activity in NAFTA, EMEA and South Asia, partially offset by increases in South America, India, North Asia and China. Revenue from businesses acquired in 2014 was GBP 7,6 million. Excluding the impact of acquisitions and divestments and foreign currency translation movements, underlying revenue was 2,9 % lower than 2014. The group announced that it has been agreed to acquire the Sidermes Group. Sidermes is a leading Italian-based supplier of probes and systems which measure for example, temperature, oxygen and hydrogen in the steel and foundry industries. Sidermes, which had revenue of EUR 22 million in 2014, will complement the recently acquired ECIL Met Tec business, and will become part of our Technical Services business. The acquisition is expected to be complete shortly. Revenue in the Steel Division for the first four months of the year was GBP 320,6 million, down 1,2 % on a constant currency basis on 2014. Excluding the impact of businesses acquired in 2014, revenue was down 3,6 % on an underlying basis. Underlying revenue in EMEA and NAFTA was down 3,1 % and 11,8 % respectively, whilst revenue in the rest of the world was up by 5,6 % with increases seen in all other regions, including China where underlying revenue grew by 3,6 %. The Foundry Division for the first four months of the year was GBP 154,3 million, down 1,4 % on 2014 on an underlying basis. Revenue in China increased by 4,3 % as we started to see the benefit of our new investment in Changshu; revenue in Asia outside China increased by 1,2 %. This was offset by reductions in EMEA (1 %) and the Americas (6,7 %).

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