- Year-end net debt(2) of £268.3m; net debt to EBITDA ratio of 1.48
- Recommended final dividend of 11.125 pence per share, giving full year dividend of 16.125 pence (2013: 15.0 pence), an increase of 7.5% to be paid on 22 May 2014
Business Highlights
- Strong underlying revenue performance from Steel Flow Control in all regions, and from Advanced Refractories in the Americas and Asia-Pacific
- Product portfolio of activities further streamlined, with increased focus on products and services where value-add is rewarded
- Implementation of self-help measures to increase productivity
- Investment in technology, with new R&D facility in Netherlands to drive innovation and growth in Foundry
- Further growth of presence in China, with the opening of a new state-of-the-art manufacturing plant for Foundry
- Acquisition of Process Metrix and ECIL Met Tec, expanding our Technical Services offering – an important medium-term growth opportunity
François Wanecq, Chief Executive of Vesuvius, commented:
“During 2014 we made encouraging progress in line with our objectives and strategy, against a backdrop of mixed trading conditions.
We have delivered further margin progression on the back of moderate underlying revenue growth, and we have maintained our long-term trend of expanding our addressable markets by building further on our strong base in Asia, and in China in particular. We have invested in new R&D centres, and we have completed acquisitions, building our new Technical Services offering for our steel and foundry customers.
We expect the underlying trading environment in the current year to be broadly similar to that experienced in 2014. We are progressing with our plan to improve operational efficiency across the Group and these actions should drive further improvement in our trading margins during 2015.”
For further information please contact:
Shareholder/analyst enquiries:
Vesuvius plc
François Wanecq, Chief Executive
+44 (0) 207 822 0000
Chris O’Shea, Chief Financial Officer
+44 (0) 207 822 0000
Nicolas Matheï, Group Head of Corporate Finance
+44 (0) 207 822 0000
Virginia Skroski, Investor Relations Manager
+44 (0) 207 822 0016
Media enquiries:
MHP Communications
John Olsen/ Tim Roundtree/ Jamie Ricketts
+44 (0) 203 128 8100
Copies of Vesuvius’ 2014 Annual Report are due to be posted to shareholders of the Company who have elected to receive a hard copy on 7 April 2015 and are also expected to be available on the Company's website and at the Registered Office of the Company on or before this date.
Vesuvius management will make a presentation to analysts and investors on 03 March 2015 at 10.00am (GMT). This will be broadcast live on Vesuvius’ website, investors.vesuvius.com/investor-relations and an archive version of the presentation will be available on the website later that day.
