Vesuvius profit rises on recovery in steel markets

Fri Aug 1, 2014 2:42am EDT

Aug 1 (Reuters) - Vesuvius Plc, a maker of ceramic moulds and lining for steelmakers and foundries, reported a 14.3 percent rise in first-half profit, perked by robust steel markets in Europe and North America.

Vesuvius, which sold its non-core businesses to focus on the steel and foundry markets last year, said its reported growth numbers continued to be impacted by the significant strength in pound over the past 12 months.

On an underlying basis, trading profit rose to 71.2 million pounds for the six months ended June 30, while revenue jumped 4.7 percent to 729.8 million pounds.

Analysts on an average expected a pretax profit of 67 million pounds and revenue of 732.6 million pounds, according to Thomson Reuters I/B/E/S. (Reporting by Aashika Jain in Bangalore; Editing by Gopakumar Warrier)