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Vesuvius eyes sales uptick in Q3 as cost savings continue
StockMarketWire.com
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Engineering company Vesuvius has reported a continued improvement in demand in the three months to the end of October, with sales up 7% quarter-on-quarter.
Although sales for this third quarter of the company's financial year were still down 14.3% compared with the same period in 2019, it said this was an improvement when compared with the 26.2% year-on-year drop in sales registered in Q2.
Vesuvius added that it was on track to deliver 'crisis-related savings' of £10 million per quarter, while its restructuring programme was set to deliver £19.4 million of cost savings per year.
The company also reported a reduction in leverage, and available liquidity of £448 million at the end of October - £73 million higher than in February 2020.
Story provided by StockMarketWire.com
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