Vesuvius

VSVS · Main Market · Industrial Goods and Services · mcap £1,149m · 457.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 30 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,134m
Owner’s net cash: −£429.1m
Net cash / market cap: -38%
EV ex leases: £1,667m
Revenue: £1,825m
Operating profit: £96.5m
Free cash flow after leases: £53.6m
EV / EBIT: 17.3×
FCF yield: 4.7%
Price / tangible book: 0.89×
ROCE: 5%
Net income (owners): £38.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 29 Sep 266 figures since the last report

RHI Magnesita made latest unsolicited offer of 551 pence per share; Vesuvius Board evaluating.

Latest Proposal total value	551 pence per Vesuvius share
Cash consideration	470 pence per ordinary share
Share consideration	0.28 new RHI shares for every 10 Vesuvius shares
RHI ownership post-transaction	approximately 13% of enlarged RHI
New RHI shares to be issued	approximately 7.1 million
Interim dividend included	7.1 pence per Vesuvius share

As stated by the company, unaudited. Read it →

Latest report: H1 26 (six months to 30 Jun 26), published 30 Jul 26 · read the results ↗

Source ↗

	30 June 2026 £m	31 December 2025 £m
Assets
Property, plant and equipment	534.3	539.2
Intangible assets	751.4	747.9
Interests in joint ventures and associates	11.8	10.8
Deferred tax assets	100.6	102.3
Other receivables	27.6	26.6
Employee benefits	33.9	35.5
Total non-current assets	1,459.6	1,462.3
Cash and short-term deposits	226.5	190.6
Trade and other receivables	492.3	451.0
Inventories	286.2	287.3
Income tax receivable	21.8	18.8
Derivative financial instruments	0.1	0.1
Total current assets	1,026.9	947.8
Total assets	2,486.5	2,410.1
Liabilities
Interest-bearing borrowings	85.6	24.3
Trade and other payables	394.0	359.7
Income tax payable	8.9	7.5
Provisions	12.3	11.6
Derivative financial instruments	0.1	0.2
Total current liabilities	500.9	403.3
Interest-bearing borrowings	570.0	617.6
Other payables	6.4	5.3
Provisions	53.1	54.0
Deferred tax liabilities	22.6	23.2
Derivative financial instruments	0.5	1.0
Employee benefits	65.2	67.1
Total non-current liabilities	717.8	768.2
Total liabilities	1,218.7	1,171.5
Net assets	1,267.8	1,238.6
Equity
Issued share capital	25.5	25.5
Retained earnings	2,628.7	2,610.4
Other reserves	(1,502.0)	(1,511.7)
Equity attributable to the owners of the parent	1,152.2	1,124.2
Non-controlling interests	115.6	114.4
Total equity	1,267.8	1,238.6

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Operating profit	47.4	65.5
Non-cash items
Amortisation of software and acquired intangibles assets	7.5	6.1
Depreciation	34.3	30.9
Impairment of property, plant and equipment	5.7	-
(Profit)/loss on disposal of fixed assets	(0.1)	(1.7)
Share based payment charge	2.6	3.6
Defined benefit retirement plans net charge	2.7	2.8
Change in operating assets and liabilities
Movements in inventories	2.4	(27.7)
Movements in trade and other receivables	(37.5)	(47.8)
Movements in trade and other payables	35.5	28.4
Movements in provisions	(2.5)	(1.4)
Defined benefit retirement plans cash outflows	(4.5)	(3.8)
Cash generated from operations	93.5	54.9
Interest paid	(11.4)	(11.7)
Interest received	2.5	2.7
Income taxes paid	(12.8)	(21.8)
Net cash inflow from operating activities	71.8	24.1
Cash flows from investing activities
Purchases of property, plant & equipment	(36.5)	(34.6)
Purchases of intangible assets	(6.8)	(5.6)
Proceeds from the sale of property, plant and equipment	0.7	3.8
Acquisition of subsidiaries and joint ventures, net of cash acquired	(0.3)	(18.6)
Net cash outflow from investing activities	(42.9)	(55.0)
Cash flows from financing activities
Proceeds from borrowings	95.6	238.4
Repayment of borrowings	(75.4)	(131.7)
Payment of lease liabilities (principal)	(8.2)	(7.7)
Cash inflow/(outflow) relating to derivatives	0.2	(1.2)
Share buyback	-	(34.8)
Dividends paid to equity shareholders	-	(40.4)
Dividends paid to non-controlling shareholders	(1.7)	(1.6)
Net cash inflow from financing activities	10.5	21.0
Net increase/(decrease) in cash and cash equivalents	39.4	(9.9)
Cash and cash equivalents at 1 January	187.5	178.6
Effect of exchange rate fluctuations on cash and cash equivalents	(1.1)	(9.3)
Cash and cash equivalents at the end of the reporting period	225.8	159.4

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Cash generated from operations	173.4	216.7
Interest paid	(23.7)	(23.9)
Interest received	5.7	9.0
Income taxes paid	(38.8)	(46.1)
Net cash inflow from operating activities	116.6	155.7
Cash flows from investing activities
Purchases of property, plant and equipment	(78.1)	(88.1)
Purchases of intangible assets	(12.3)	(12.7)
Proceeds from the sale of property, plant and equipment	9.4	4.3
Acquisition of subsidiaries and joint ventures, net of cash acquired	(38.9)	-
Proceeds from the sale of investments	1.2	-
Proceeds from the sale of associates	-	0.4
Dividends received from joint ventures	0.9	0.7
Net cash outflow from investing activities	(117.8)	(95.4)
Net cash inflow before financing activities	(1.2)	60.3
Cash flows from financing activities
Proceeds from borrowings	274.3	134.8
Repayment of borrowings	(144.2)	(13.0)
Payment of lease liabilities (principal)	(16.7)	(15.2)
Cash inflow relating to derivatives	1.2	-
Purchase of ESOP shares	-	(17.1)
Share buyback	(34.8)	(63.4)
Dividends paid to owners of the Parent	(57.9)	(61.1)
Dividends paid to non-controlling shareholders	(1.7)	(2.5)
Net cash outflow from financing activities	20.2	(37.5)
Net increase in cash and cash equivalents	19.0	22.8
Cash and cash equivalents at 1 January	178.6	160.8
Effect of exchange rate fluctuations on cash and cash equivalents	(10.1)	(5.0)
Cash and cash equivalents at 31 December	187.5	178.6

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1,824.9	1,809.5	1,820.1
Adjusted operating profit	148.1	151.1	188.0
Operating profit	96.5	114.6	153.7
Share-based payments	2.0	3.0	–
Operating profit to net income
Profit before tax	79.4	97.2	138.6
Tax	(28.0)	(32.4)	(38.3)
Net income (owners)	38.2	52.2	87.2
Per share
EPS basic	15.4p	21.1p	33.5p
EPS diluted	15.4p	20.9p	33.1p
Dividend per share	23.6p	23.6p	23.5p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	922.9	+2%	902.0	907.5
Adjusted operating profit	74.0	−4%	74.1	77.0
Operating profit	47.4	−28%	49.1	65.5
Share-based payments	2.6	−28%	(0.6)	3.6
Operating profit to net income
Profit before tax	38.2	−32%	41.2	56.0
Tax	(14.1)	−24%	(13.9)	(18.5)
Net income (owners)	16.9	−45%	21.3	30.9
Per share
EPS basic	6.8p	–	8.6p	12.5p
EPS diluted	6.8p	–	8.6p	12.3p
Dividend per share	7.1p	–	16.5p	7.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	164.3	116.6	155.7
Interest paid	(23.4)	(23.7)	(23.9)
Tax paid	(29.8)	(38.8)	(46.1)
Investing activities
Capex (PP&E)	(80.0)	(78.1)	(88.1)
Capex (intangibles)	(13.5)	(12.3)	(12.7)
Financing activities
Lease principal paid	(17.2)	(16.7)	(15.2)
Dividends paid	(17.5)	(57.9)	(61.1)
Share buybacks	0.0	(34.8)	(63.4)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	71.8	+198%	92.5	24.1
Interest paid	(11.4)	−3%	(12.0)	(11.7)
Tax paid	(12.8)	−41%	(17.0)	(21.8)
Investing activities
Capex (PP&E)	(36.5)	+5%	(43.5)	(34.6)
Capex (intangibles)	(6.8)	+21%	(6.7)	(5.6)
Financing activities
Lease principal paid	(8.2)	+6%	(9.0)	(7.7)
Dividends paid	0.0	n/m	(17.5)	(40.4)
Share buybacks	0.0	n/m	0.0	(34.8)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	534.3	539.2	482.6
Associates & JVs	11.8	10.8	11.0
Non-current assets	1,459.6	1,462.3	1,356.5
Current assets
Inventories	286.2	287.3	295.4
Trade receivables	492.3	451.0	438.9
Cash	226.5	190.6	186.4
Current assets	1,026.9	947.8	937.2
Total assets	2,486.5	2,410.1	2,293.7
Current liabilities
Trade payables	394.0	359.7	363.4
Borrowings, current	85.6	24.3	80.4
Current liabilities	500.9	403.3	460.8
Non-current liabilities
Borrowings, non-current	570.0	617.6	439.8
Non-current liabilities	717.8	768.2	589.3
Total liabilities	1,218.7	1,171.5	1,050.1
Equity
Non-controlling interests	115.6	114.4	75.2
Total equity	1,267.8	1,238.6	1,243.6
Net cash and other figures
Net cash / (debt) incl. leases	(429.6)	(452.4)	–
Undrawn facilities	180.5	195.5	202.5

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	534.3	539.2	482.6
Associates & JVs	11.8	10.8	11.0
Non-current assets	1,459.6	1,462.3	1,356.5
Current assets
Inventories	286.2	287.3	295.4
Trade receivables	492.3	451.0	438.9
Cash	226.5	190.6	186.4
Current assets	1,026.9	947.8	937.2
Total assets	2,486.5	2,410.1	2,293.7
Current liabilities
Trade payables	394.0	359.7	363.4
Borrowings, current	85.6	24.3	80.4
Current liabilities	500.9	403.3	460.8
Non-current liabilities
Borrowings, non-current	570.0	617.6	439.8
Non-current liabilities	717.8	768.2	589.3
Total liabilities	1,218.7	1,171.5	1,050.1
Equity
Non-controlling interests	115.6	114.4	75.2
Total equity	1,267.8	1,238.6	1,243.6
Net cash and other figures
Net cash / (debt) incl. leases	(429.6)	(452.4)	–
Undrawn facilities	180.5	195.5	202.5

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Company filings. Not investment advice.