The Vesuvius Board has declared an interim dividend of 6.8 pence per share, which is a 5% increase on the interim dividend for 2022 of 6.5 pence per share.
The interim dividend will be paid on 15 September 2023 to shareholders on the register at the close of business on 4 August 2023. The ex-dividend date will be 3 August 2023. Any shareholder wishing to participate in the Vesuvius Dividend Reinvestment Plan needs to have submitted their election to do so by 24 August 2023.
Other financial highlights include:
Group trading profit down 18% v. H1 2022 but improved against H2 2022
o Subdued market conditions in Steel have led to volume declines vs. H1 2022. This was partly mitigated by good pricing performance
Steel business performed well, ahead of our expectations, due to pricing resilience in technologically differentiated products and solutions
o Pricing has partially offset the impact of lower volumes
o Return on Sales down 310 bps vs. H1 2022 (underlying) due to volume declines, but improved by 160bps against H2 2022
Good recovery of the Foundry business
o Divisional trading profit up 18% and return on sales up 130bps (underlying) vs. H1 2022
o Trading Profit and RoS have grown sequentially between H1 2022, H2 2022 and H1 2023
All Strategic initiatives progressing and on track
o Growth capex in India to support expansion of Steel businesses in this fast-growing region
o 14 new product launches supported by sustained effort in R&D
Strong progression in adjusted operating cash-flow despite significant growth capex
o Cash conversion improving to 67%
Strong balance sheet with net debt / EBITDA at 1.0x
Dividend per share +5% reflecting confidence in the long-term prospects for the business
Further progress in sustainability, reducing our CO2 footprint and supporting customers' sustainability efforts
Lost-time injury rate down to 0.7 in the period, their best performance on record
