Vesuvius Plc (LSE:VSVS) jumped 5% as the FTSE 250 industrial ceramics group accompanied a solid trading update with a £50 million top-up to its buyback programme.
“The sole purpose of the programme is to reduce Vesuvius' share capital,” said the statement.
Shares slumped in August when the engineer predicted no sales improvement in its second half.
Today it said markets remain quiet but it has offset this by increasing annual cost savings by 50% to £9 million and by growing market share.
Trading profit for 2024 is now expected to be slightly below 2023’s £200.4 million, it added.
Shares rose 17p to 386.5p.