Full Year 2025 Vesuvius plc Earnings Call Transcript
Key Points
- Vesuvius PLC (CKSNY) achieved a slight revenue increase of 0.7% on a like-for-like basis, despite challenging market conditions in steel and foundry sectors.
- The company successfully implemented a cost-cutting program, delivering £17.8 million in-year savings and setting a target of £55 million recurring savings by 2028.
- Vesuvius PLC (CKSNY) maintained its industry-leading investment in research and development, launching 24 new products in 2025.
- The integration of newly acquired businesses, including Pyromet, is proceeding well, with a positive impact on results expected in 2026.
- The board proposed a final dividend of 16.5p per share, bringing the total dividend for the year to 23.6p per share, representing a 0.4% increase compared to last year.
- Trading profit declined by 17% on a like-for-like basis due to negative net pricing and mixed impact in the first half of the year.
- Return on sales decreased by 170 basis points compared to the previous year.
- The steel and foundry markets were particularly challenging in the EU and UK, accounting for 80% of the decline in the group's trading profit.
- Global steel production volumes declined by 1.9%, driven mainly by a significant decline in China.
- The company's leverage increased slightly, with a net debt to EBITDA ratio of 2, due to capital investments and acquisitions.
2025 results presentation. My name is Patrick Andre. I'm the chief executive of Vivis, and to my left with me this morning is Mark Collis, our Chief Financial Officer.
I will start with some updates on our performance during the year.
Then Mark will give you some more details on our financials.
I will conclude at the end of the meeting with some perspectives on the year 2026 and beyond before opening the floor for questions.
Our performance for the full year was in line with expectations.
Our revenues slightly increased by 0.7% on a like for like basis with a limited headline price increase and market share gains compensating market declines in both steel and foundry.
Our trading profit, however, declined 17% on a like for like basis as compared with last year as the return to a positive net pricing performance in the second half of the year and the successful implementation of our cost cutting program could not fully compensate for the negative net pricing and mixed impact
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