Vulcan shares plummet on first-half underlying profit decline

Managing director Rhys Jones said conditions have stabilised for his company. (Image: Vulcan)

Tue, 14 Feb 2023

Vulcan Steel lifted first-half profit 1% but that reflected the contribution from the recent $165 million purchase of Ullrich Aluminium, which disguised a 22% drop in profit when that was excluded. The result was considerably below analysts’ forecasts.The company said the decline in profitability of its businesses, excluding the aluminium business, reflected a 15% decline in sales volumes, increasing cost pressures and high financing charges.It doesn’t expect conditions to improve in the second half and there’s a risk the...

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