24th Oct 2014 06:45
LONDON (Alliance News) - Vesuvius PLC has seen increased activity in the US, but European markets continue to be weak and South America and Asia remain challenging, the engineering company said Friday as it maintained its guidance for the full-year.
The company said the strength of sterling will have a negative effect on its results but revenue growth in its steel operations outperformed the industry's 1% growth in the third quarter and 2.1% in the first nine months of the year. The Foundry market remains challenging, with slowing growth and low investment in the high-value mining end market, the company added.
The company is implementing cost-saving initiatives to improve margins and remains focused on cash generation. It has also completed the previously announced acquisitions of Ecil Met Tec and Process Metrix for around GBP30 million.
By Ian Edmondson;
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