Vesuvius Plc has declared an interim dividend of 6.5 pence per share, which is a 5% increase on the interim dividend for H1 2021 of 6.2 pence per share. The interim dividend will be paid on 16 September 2022 to shareholders on the register at the close of business on 5 August 2022. Any shareholder wishing to participate in the Vesuvius Dividend Reinvestment Plan needs to have submitted their election to do so by 25 August 2022.
Other Financial Highlights:
Revenue of £1,015.9m, an increase of +21% on an underlying basis
Trading profit (adjusted EBITA) of £127.4m, an increase of 69% on an underlying basis
These increases were driven by:
- Selling price increases to fully mitigate inflationary pressures and cover the price lag from 2021
- Market share gains across both divisions
- Predicated on the relevance of technology-driven business model that provides value for customers
Positive volume growth of c.2% in the Steel Division (excluding the impact of Universal business acquisition) in the world excluding China and Iran, despite a 4% decline in the corresponding steel production. Volume decline in China was limited to c.1% despite a 6.5% decline in the corresponding steel production. Flow Control volume growth worldwide was above the average of the Steel division
Despite market share gains, the Foundry division saw a decline in volume of c.3% due to continued weakness in the automotive market. It however delivered strong volume growth in key developing markets including Turkey (+9%), Brazil (+8%) and Vietnam (+6%)
The integration of the Universal Refractories business is proceeding as planned.
Strategic capacity expansion in Flow Control in Asia and EMEA remains on track
Trade working capital/sales increased, as planned, to mitigate supply chain disruptions, reaching 22.8% (12m average) versus 20.9% at FY2021
Net debt /adjusted EBITDA of 1.3x at 30 June 2022 versus 1.4x at FY2021
Doubling of the 2025 target for carbon footprint reduction from 10% to 20% (versus 2019 levels) and introducing an additional 2035 target of a 50% reduction
