London · Delayed Price · Currency is GBP · Price in GBX Vesuvius Earnings Call Transcripts
Fiscal Year 2026
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The AGM opened with board introductions and acknowledgment of a departing director. A trading update was issued, and all resolutions were passed by a substantial margin, with results to be announced later.
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Steel markets outside China and select regions are showing accelerating growth, while foundry markets remain stable with regional disparities. Operational issues in North America have been resolved, and full-year guidance is maintained, with H2 expected to be stronger due to market and operational improvements.
Fiscal Year 2025
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Revenue grew slightly despite market declines, but trading profit and EPS fell due to negative pricing and mix, mainly in EMEA. Cost savings, acquisitions, and strong Asian growth position the business for recovery in 2026, with profit growth expected.
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Steel and foundry markets remain stable at low levels, but medium-term prospects are improving, especially in Europe due to new trade measures and potential restocking. Cost savings and price increases are offsetting inflation, with trading profits expected in line with guidance.
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Revenue was resilient despite weak markets, with market share gains offsetting declines, but trading profit and return on sales fell due to adverse mix and cost pressures. Cost reduction and restructuring efforts are ahead of schedule, and strong growth in India continues to drive profitability.
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Trading profit for H1 2025 is expected at GBP 77 million, with full-year revenue guidance of GBP 1.85 billion and stable margins. Market conditions remain challenging, but cost savings and market share gains are ahead of plan, with recovery now expected in 2026.
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Q1 revenue and trading profit met expectations, with market share gains offsetting weak end markets. Full-year guidance is revised slightly lower due to ongoing uncertainty, but cost savings and price increases are underway. India remains a key growth driver.
Fiscal Year 2024
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Full-year 2024 results were resilient, with stable trading profit and improved return on sales despite weak markets. Market share gains, cost savings, and disciplined cash management supported performance, while 2025 guidance is cautious due to tariffs and geopolitical risks.
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Delivered robust Q3 results with market share gains and strong cash flow despite subdued steel and foundry markets. Raised cost savings guidance, completed a strategic acquisition in Turkey, and announced a new GBP 50 million share buyback, while maintaining a resilient margin outlook.
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H1 2024 saw resilient results amid weak markets, with Steel offsetting Foundry declines and robust cost savings supporting profitability. No major recovery is expected in H2, but strategic investments and cost actions position the group well for 2025 and beyond.