12th May 2016 07:11
LONDON (Alliance News) - Molten metal flow engineering company Vesuvius PLC on Thursday said it remains confident it will meet its expectations for the full year and said is anticipates capitalising on any recovery in its markets in the medium term.
The FTSE 250-listed firm, which provides steel flow control, foundry and advanced refractories services, said market conditions remain broadly unchanged since it published its 2015 results in early March, with global steel production lower year-on-year and mixed end markets for its foundry business.
The group said it has made progress on its restructuring actions, which will deliver GBP20.0 million in annual cost savings by the end of 2017.
Vesuvius said its anticipates the underlying trading environment for its markets will remain broadly similar to the second half of 2015 through the balance of this year and its trading performance will be in line with current expectations.
Shares in Vesuvius were down 0.3% to 334.6 pence just after the open on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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