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(Sharecast News) - Vesuvius tumbled on Monday after the molten metal flow engineer downgraded its outlook for the year.
In a brief trading statement, the company said trading profit for the first half is expected to be around 74m. Vesuvius said that since its update in May, it has continued to be affected by operational issues in the steel division.
Additionally, Advanced Refractories is experiencing a "challenging" trading environment, it said, particularly in Europe.
"The operational issues, whilst temporary, are causing a greater impact than previously anticipated," Vesuvius said. "They are being addressed and are expected to be resolved by the end of the year.
"Accordingly, we now expect full-year trading profit to be slightly ahead of trading profit for FY25 on a constant currency basis."
At 1035 BST, the shares were down 10% at 406.60p.
Jefferies, which has a 'buy' rating and 520p price target on the stock, said trading profit slightly ahead of last year at constant FX would imply a low double digit cut to FY26 consensus.
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