TIDMVSVS
RNS Number : 8456P
Vesuvius plc
15 October 2019
Vesuvius plc
15 October 2019
Q3 2019 Trading Update
Vesuvius plc ("Vesuvius", the "Group"), a global leader in
molten metal flow engineering and technology, releases the
following Trading Update covering the period from 1 July to 30
September 2019.
The challenging market environment highlighted at our half year
results has continued into H2 2019, with end markets continuing to
weaken further, particularly in the EMEA region.
As a result, following a review of our Q3 2019 results and an
update of our forecasts for Q4, the Board has concluded that in the
current market environment Group trading profit (EBITA) in 2019 is
expected to be between GBP180-190m.
In EMEA, both our Steel and Foundry divisions have been impacted
by a continuing weakening in their key end markets. Steel producers
have announced annualised production cuts equivalent to c.4% of
2018 volumes since the end of June. Over this same period, IHS
Markit has lowered its 2019 light vehicle production forecasts and
it now expects a 5.6% decline versus 2018 compared to a 4.2%
decline previously. In light of this challenging environment,
management remains focused on our cost optimisation plans.
Despite the short-term end market weakness we are experiencing,
we see no structural change to the positive, long-term fundamentals
of our end markets and remain confident in our ability to achieve a
12.5% return-on-sales, although this is unlikely to be delivered
until we revert to long-term growth trends.
CONFERENCE CALL
Patrick André (Chief Executive) and Guy Young (Chief Financial
Officer) will be hosting a conference call for analysts and
investors at 07.30 (UK time) today (15 October).
To join the call, please use the dial in number below:
Conference call:
+44 (0)33 0336 9411 all participants
Confirmation code: 2092009
A replay of the call will be available approximately one hour
after the event for two weeks on the following number:
Replay:
+44 (0)20 7660 0134 non-US participants
+1 719 457 0820 US participants
Confirmation code: 2092009
This announcement contains inside information for the purposes
of Market Abuse Regulation (Regulation (EU) No. 596/2014). The
person responsible for making this notification on behalf of
Vesuvius plc is Henry Knowles, Company Secretary.
FUTURE EVENTS
Vesuvius' full year results for the year ending 31 December 2019
are expected to be announced on Thursday, 27 February 2020.
For further information, please contact:
Shareholder/analyst
enquiries:
+44 (0) 207 822
Vesuvius plc Patrick André, Chief Executive 0000
+44 (0) 207 822
Guy Young, Chief Financial Officer 0000
Euan Drysdale, Group Head of Corporate +44 (0) 207
Finance 822 0027
Virginia Skroski, Investor Relations +44 (0) 207
Manager 822 0016
Media enquiries:
Andrew Jaques/ Ollie Hoare/ Peter +44 (0) 203 128
MHP Communications Lambie 8100
About Vesuvius plc
Vesuvius is a global leader in molten metal flow engineering and
technology, serving process industries operating in challenging
high-temperature conditions.
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 energy consumption. 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
www.vesuvius.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTLFFSFISLSLIA
(END) Dow Jones Newswires
October 15, 2019 02:01 ET (06:01 GMT)
Grafico Azioni Vesuvius (LSE:VSVS)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Vesuvius (LSE:VSVS)
Storico
Da Mar 2023 a Mar 2024