UK's Vesuvius rises on share buyback

Vesuvius

19/11/2024 13:31

** British steel and foundry specialist Vesuvius's  VSVS.L 
shares up 7.8% at 397.5p - top gainer on FTSE midcap  .FTMC 
index
    ** Launches a new 50 million pound ($63.18 million) share
buyback 
    ** Co's three-year cost-savings programme is proceeding as
planned
    ** Jefferies analysts say that it should be no surprise that
end-markets have been difficult in going into H2, but costs have
been managed well by the company, keeping FY core profit
expectations in line with market estimates
    ** Vesuvius expects trading profit for FY24 to be slightly
below FY23 on a constant currency basis
    ** Including session gains, stock down 17.4% YTD

($1 = 0.7923 pounds)

 (Reporting by Megha Kumari in Bengaluru)
 ((megha.kumari@thomsonreuters.com))