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RHI Magnesita revenue, earnings slip in FY24
(Sharecast News) - Refractory products supplier RHI Magnesita said on Thursday that both revenue and earnings had slipped in FY24 amid "very weak market conditions". RHI Magnesita said revenues had fallen 1% to €3.48bn in FY24, while adjusted underlying earnings were down 5% at €543.0m and reported pre-tax profits slipped from €233.0m to €200.0m. Earnings per share, however, were up 7% at €5.32 each.
The FTSE 250-listed firm sales volumes fell 1% in its base business, and pricing was down 6%. On the other hand, RHI reduced its net debt position by €53.0m to €1.25bn.
Looking forward, RHI Magnesita said the global refractory industry remains "in flux", with "no signs of immediate recovery" in end markets. It stated China's economic transition continues to impact supply chains and pricing dynamics and noted that market reduction in Western economies seemed "structural and possibly permanent".
Chief executive Stefan Borgas said: "RHI Magnesita has delivered another resilient financial performance despite very weak market demand in most markets around the world. At €407.0m, adjusted EBITA was within our guidance range of €400.0m-€410.0m, reflecting the expected strong performance in the fourth quarter.
"We will continue to manage the business conservatively throughout the ongoing downturn in demand whilst delivering on our strategic objectives to generate long-term value."
As of 1010 GMT, RHI Magnesita shares were down 5.33% at 3,555.0p.
Reporting by Iain Gilbert at Sharecast.com
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