Half Year 2023 Vesuvius PLC Earnings Call Transcript
Good morning, ladies and gentlemen. Welcome to Vesuvius' Half Year 2023 results presentation. My name is Patrick Andre, Chief Executive of Vesuvius. And to my right with me this morning is Mark Collis, our Chief Financial Officer. I will start with some updates on our performance during the first 6 months of the year before Mark gives you more details on our financials. I will then conclude with some perspectives on the year 2023, before opening the floor for questions.
We delivered a solid and resilient set of results during the first half of the year, ahead of our expectations, despite still difficult market condition and a persistently strong inflationary environment. Our revenue decreased only by 3% on an underlying basis despite significantly lower volumes than during last year's first half, thanks to a solid pricing performance.
Our trading profit decreased by 18% on an underlying basis due to these lower volumes, but increased 14% as compared with the second half last year on comparable volumes. Our first
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