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Vesuvius (VSVS) investor relations material
Vesuvius H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenues declined 0.4% underlying and 3.1% reported, but market share gains in both Steel and Foundry divisions offset weak end markets.
Trading profit fell 16.1% underlying and 20.7% reported, with return on sales down 160bps to 8.5%.
Strong cost-reduction actions delivered £10.1m in H1 savings, with R&D investment supporting new product sales growth.
Interim dividend maintained at 7.1p per share, reflecting confidence in future performance.
Net debt/EBITDA rose to 2.0x at June 2025, expected to fall to 1.8x by year-end.
Financial highlights
Revenue: £907.5m, down 0.4% underlying and 3.1% reported year-over-year.
Trading profit: £77.0m, down 16.1% underlying and 20.7% reported.
Headline EPS: 17.1p, down 16.4% year-over-year.
Free cash flow: outflow of £12.6m in H1, expected to turn positive in H2.
Share buybacks totaled £100m since November 2023.
Outlook and guidance
Challenging market conditions expected to persist through year-end, especially in Europe.
H2 2025 performance anticipated to be similar to H1, with pricing actions underway to recover cost inflation.
Confidence in long-term growth, especially in India, and in ability to improve profitability through cost reductions.
Free cash flow generation and leverage reduction expected to improve with completed capacity investments.
2025 guidance: tax rate 27.5%, depreciation c.£65m, interest cost c.£20m, in-year cost savings c.£20m.
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