8th May 2018 09:13
LONDON (Alliance News) - Shares in refractory products firm RHI Magnesita RV were up early Tuesday as the company said it expects a "very positive" 2018 for the firm after a good first quarter.
Shares in the Vienna-headquartered firm were up 4.8% on Tuesday morning at 4,766.00 pence per share.
For the three months to March, RHI's revenue came in at EUR745.0 million, 23% up on the same period a year earlier on a constant currency basis and 14% reported.
The company's operating earnings before interest, tax, and amortisation has increased by almost 70% year-on-year for the first quarter to EUR113.0 million.
RHI said it expects further development of the business through 2018, and the company said it is well financed with "high" liquidity and a "robust" balance sheet.
RHI's Steel division posted solid year-on-year production growth in South America, the Middle East & Africa, and the Asia Pacific. In North America and Europe the growth was "slightly" positive. The company said the imposition of any trade tariffs would be cushioned by its "diversified" production basis.
Within the Industrial division, the nonferrous metals segment did well compared to the prior year in the period, and in the Environment, Energy, & Chemicals segment RHI has seen increased demand in China.
RHI is "very" confident on meeting its synergy targets of EUR70.0 million a year by 2019 and EUR40.0 million in 2018.
The company listed on London's Main Market in October last year following the merger of RHI AG and Magnesita Refratarios AG.
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