Half Year 2021 Vesuvius PLC Earnings Call Transcript
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Good morning, ladies and gentlemen. Welcome to the presentation of Vesuvius 2021 half year results. My name is Patrick André, Chief Executive, and with me this morning is Guy Young, our Chief Financial Officer. I will start by giving you some information on our group's business performance in the first half. Then Guy will give you more details about our financial results. I will then conclude with some considerations on the outlook for the rest of 2021 before opening the floor for questions.
We had a strong commercial performance in the first half, with our top line increasing by 18% as compared with last year on an underlying basis. Our trading profit increased by 54%, also on an underlying basis, to GBP 73.3 million. Our return on sales increased 220 basis points to 9.1%. Our cash conversion ratio was lower than last year but still significantly positive at 52% despite the necessary reinvestment in working capital to follow the growth of our market. Despite this reinvestment in working
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