Solid performance in generally stable market conditions
Group highlights (1) :
- Revenue £773m, (H1 2012: £819m; H2 2012: £729m)
- Trading profit £71m, (H1 2012: £80m; H2 2012: £51m)
- Return on sales 9.2% (H1 2012: 9.7%; H2 2012: 7.1%)
- Headline EPS of 15.9 pence (H1 2012 pro-forma(2) : 16.5 pence)
- Free cash flow £38.2m (H1 2012: £2.2m)
- Net debt £273m at 30 June (31 December 2012: £295m)
- Interim dividend declared of 4.75 pence per share
- Successful portfolio rationalisation including sale of Precious Metals Processing division for €56.8m
- Share repurchase programme of up to £30m initiated on 4 June; £19.3m repurchased by 31 July
- Triennial pension valuation confirms UK Plan fully funded; compulsory contributions ceased
(1) Continuing operations, on an as reported basis, excluding all separately reported items and as restated for IAS19 (revised) (Note 1.8). See Note 20 for non-GAAP measures definitions.
(2) 2012 pro-forma, after adjustments to the interest charge to reflect retrospectively the allocation of debt on demerger between Vesuvius and Alent.
To read the announcement in full, please click on the link below: Vesuvius plc 2013 H1 Results 2 Aug 2013