Vesuvius Plc (LSE:VSVS) doubled its pretax profit in 2021, but the results were overshadowed by events this year due to the engineering and technology company’s exposure to Russia and Ukraine.
“While we remain concerned about the potential direct and indirect impacts of recent geopolitical events, which have led us to suspend our deliveries to Russian customers for the duration of hostilities, we are nevertheless confident that the group will deliver a significant improvement in financial performance in 2022," said chief executive Patrick André.
The FTSE 250 molten metal flow engineering and technology group said that its direct exposure to Russia and Ukraine is limited.
“We have 47 employees in these countries, which account for less than 3% of our group revenues,” it said alongside its full-year results. “We have no manufacturing assets in either country."
Shares in Vesuvius, which started to slide this year as tensions increased between the neighbouring countries, have dropped a further 10% since Russia invaded Ukraine on February 24.
The shares were down 3.6% in mid-morning trade, compared to a 0.4% dip in the FTSE 250.