The Vesvuius Plc Board has recommended a final dividend of 16.2 pence, bringing the total dividend for the year to 23.0 pence per share, which is a 3.4% year on year increase on the total dividend for 2022 of 22.25 pence per share. This represents a dividend cover of 2.0x compared to adjusted EPS for 2023.
Other financial highlights include:
Revenue of £1,929.8m, was 3.1% lower on an underlying basis vs. 2022, reflecting lower volumes in a weaker market, partially offset by good pricing performance and market share gains in Flow Control and Foundry
Robust trading profit of £200.4m, 6.7% lower on an underlying basis vs. 2022. Return on sales of 10.4%, 40bps lower than 2022 on an underlying basis
Increased R&D investment (£37.4m, up 3.7% vs. 2022 and now 1.9% of sales) leading to 21 new products launched in 2023 and a strong pipeline of new products for the coming years
Strategic expansion programme in Asia and Flow Control fully on track
Strong cash management performance (cashflow conversion of 93%) with an increase in cash generated from operations despite reduction of trading profit, due to good progress on reducing trade working capital, supporting the launch of our £50m share buy-back programme
Strong, stable balance sheet with net debt / EBITDA of 0.9x (31 December 2023)
Programme to achieve cash cost savings of £30m by 2026 initiated
Best ever health and safety performance with our Lost-Time Injury Frequency Rate down to 0.6
Reduction of 20% in CO2e intensity vs. 2019 baseline, reaching 2025 interim target two years earlier than planned
