Vesuvius has released resilient FY23 results. Key highlights include: in-line results (c4% beat at the operating profit level), resilient performance driven by market share gains with good cash performance, further cost savings by 2026 (£30m), FY24 outlook points to continued market outperformance. FY23 results summary Robust trading in a tough end market environment driven by its differentiated offering, market share gains and resilient pricing. There has been a general slowdown in Foundry markets outside of India, most notably in Northern Europe, while steel markets outside of India are also softer. FY23 revenues decreased 5.7% y-o-y (-3.1% underlying) to £1,930m (consensus £1,953m / INVe £1,951m) with lower volumes offset by pricing and market share gains. The adjusted operating margin contracted by 70bps to 10.4%, resulting in operating profit of £200.4m (consensus £192m / INVe £192m), down 11.8% y-o-y (-6.7% underlying). EPS decreased 17.3% to 46.7p (consensus 45.9p / INVe 45.7p) and the dividend is increased 3.4% to 23.0p (consensus 22.9p / INVe 23.3p). Cash performance was good, despite underlying trading, and net debt was £237.5m (vs £255m in FY22 – consensus £246m / INVe £239m), representing 0.9x EBITDA. Outlook There was little on outlook other than it will continue to outperform its underlying markets – we expect steel and foundry markets to remain subdued through 2024. The medium-term fundamentals for its end markets remain strong and management reiterates it objectives of achieving 12.5% margins by 2026 and £400m of free cash generation over the next three years.