2nd Mar 2023 11:48
(Alliance News) - Vesuvius PLC on Thursday reported an increase in annual payout to shareholders, as profit and revenue jumped during 2022, citing technological differentiation and its pricing strategy.
The London-based molten metal flow engineering firm said pretax profit jumped 62% in 2022 to GBP207 million from GBP128 million in 2021. Revenue climbed 25% to GBP2.05 billion from GBP1.64 billion.
The company declared a final dividend of 15.75 pence, making a total dividend for 2022 of 22.25p, up 5.0% from 21.2p.
Chief Executive Officer Patrick Andre said: "This performance was made possible by the technological differentiation of our products and solutions, which enabled us to simultaneously compensate for all cost inflation with price increases and gain market share. These record results are higher than those ever achieved pre-pandemic, despite materially lower volumes, in both the Steel and Foundry divisions, as our end markets have not fully recovered since that period."
Vesuvius added that its pricing strategy fully recovered increases in input costs.
Looking ahead, Vesuvius expects 2023 results to be in line with internal expectations. Beyond 2023, the company expects positive impact on its investment in research & development, long-term growth initiatives and development of its capacity in fast growing regions, which it said "will result in accelerated growth and profitability".
Vesuvius shares were 3.7% higher at 438.60 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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