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2019 Half Year Results

Half Year Results for the six months ended 30 June 2019

Resilient H1 2019 performance, despite the challenging market environment

Vesuvius plc, a global leader in molten metal flow engineering and technology, announces its unaudited results for the six months ended 30 June 2019.

Financial summary


H1 2019


H1 2018


Year-on-year changeYear-on-year change Underlying change (1)



Trading Profit (2)



Return on Sales (2)



Operating Profit


Headline Profit Before Tax (2)


Profit Before Tax




Headline Earnings (2)


Headline EPS(2) (pence)


Statutory EPS (pence)


Operating cash flow (2)


Cash generated from continuing operations


Net Debt


Dividend (pence)



(1) Underlying basis is at constant currency and excludes separately reported items and the impact of acquisitions and disposals
(2) For definitions of non-GAAP measures, refer to Note 16 in the Group Condensed Financial Statements

Key Points

  • Resilient H1 2019 performance in line with prior year, despite challenging steel markets outside of China and light vehicle related markets in Foundry
  • Underlying revenue and trading profit (EBITA) down 1.1% and 0.5%, respectively
  • Return-on-Sales maintained at 11.1%
  • £5.8m of restructuring savings delivered in H1 2019
  • Expansion of our restructuring programmes targeting £16.0m of additional savings by 2021 including CCPI targeted synergies which have increased significantly versus initial expectations
  • Working capital to revenue ratio at 23.9%, in-line with the level at year-end 2018
  • Net Debt / LTM EBITDA at 1.3x, up from 1.0x at year-end 2018 due to the CCPI acquisition and IFRS 16 reclassification of leases
  • Interim dividend increased by 3.3% to 6.2 pence per share

Patrick André, Chief Executive of Vesuvius, commented:

“Vesuvius has delivered a solid set of results for H1 2019, despite the challenging market environment and we are announcing today a £16.0m increase in our targeted restructuring savings. Looking forward, assuming a stabilisation of our end markets at current levels, the Board expects our trading profit (EBITA) for 2019 to be broadly in-line with market expectations, supported by the acceleration and intensification of efforts to optimise our costs and remains confident in our ability to grow both trading profit (EBITA) and return-on-sales in the coming years.”

For further information, please contact:

Shareholder/analyst enquiries:
Vesuvius plc

Patrick André, Chief Executive
+44 (0) 207 822 0000

Guy Young, Chief Financial Officer
+44 (0) 207 822 0000

Euan Drysdale, Group Head of Corporate Finance
+44 (0) 207 822 0027

Virginia Skroski, Investor Relations Manager
+44 (0) 207 822 0016

Media enquiries:
MHP Communications

Andrew Jaques/ Ollie Hoare/ Peter Lambie
+44 (0) 203 128 8100

About Vesuvius plc

Vesuvius is a global leader in molten metal flow engineering and technology principally serving the steel and foundry industries.

We develop innovative and customised solutions, often used in extremely demanding industrial environments, which enable our customers to improve their manufacturing processes, enhance product quality and reduce costs. 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 low-cost 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 he or she is recognised, developed and properly rewarded.

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