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Vesuvius forecasts 'moderate' annual profit beat
StockMarketWire.com
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Molten metal flow engineering group Vesuvius said it expected to deliver a full-year trading profit 'moderately' ahed of market expectations.
The current consensus forecast for annual earnings before interest, tax and amortisation was £138 million, the company said in a trading update for its annual general meeting.
First-quarter revenue had grown 7% on a constant-currency basis amid a rise in steel production, though was still below the same period in 2019.
'Whilst in the first four months of the year we experienced some supply chain disruptions in the sea freight market and at some raw material suppliers, these have had only a limited impact on our ability to meet customer orders,' Vesuvius said.
'They have, however, resulted in some temporary friction costs, which are expected to reduce throughout the remainder of the year.'
'Selling price increases are being implemented to compensate for raw material cost increases, thereby offsetting the impact on profit margins.'
Story provided by StockMarketWire.com
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