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Vesuvius still expects to meet forecasts despite falling revenues in first quarter
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LONDON (ShareCast) - Metal flow engineering group Vesuvius said on Thursday that, despite a decline in revenues during the first quarter of the year, it expects full-year results to be in line with market expectations. Revenues declined by 2% to £474.9m and by 1.3% at constant currencies due to reduced activity in the US, Canada, Mexico, Europe, Middle East, Africa and South Asia.
However, this was partly offset by a good performance in South America, India, North Asia and China.
Its foundry division saw revenues fall 1.4% to £154.3m due to challenging market conditions, while revenues in the steel division declined 1.2% to £320.6m driven by a reduction of 11.8% in the Americas.
Vesuvius noted that despite the drop in revenues, the group improved its margins and expects its full-year performance will be in line with market expectations.
The group said in a statement: "Whilst there has been encouraging signs of increased activity in some end-markets, namely in India and North Asia, the US and Europe have seen weaker-than-expected activity."
Source: Digital Look
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