- Heat resistant materials supplier RHI Magnesita swung to a full-year profit, as volume growth and pricing gains boosted revenue.

Pre-tax profit for the year through December amounted to €246.0m, compared to a small loss of €5.9m on-year.

Revenue jumped 58% to €3.01bn and was boosted by the merger of RHI and Magnesita in 2017.

On a pro-forma basis, revenue rose 21%, while adjusted operating earnings rose 81% to €428.1m.

'This was our first full financial year as a new company and I am delighted by the significant amount that we have achieved,' chief executive Stefan Borgas said.

'Underpinned by the strength of the markets in which we operate, we have reported very strong financial results, successfully delivered on our integration plans and benefitted from the synergies of the combination.'

'More broadly, we continue to navigate well the challenges of the integration process and have set the business on the right path to support its ongoing strategic development.'

'Whilst some uncertainties exist in the macroeconomic outlook for 2019, robust customer markets in the medium term (albeit with some uncertainty in the short term) and positive trends in raw material pricing support our expectation to deliver modest organic revenue growth.'

The company also expected improved operating margins from 2018 levels, driven by continued synergy generation and further optimisation initiatives, in addition to further growth potential from acquisitions, Borgas said.

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