vesuvius plc said tuesday that performance for 2022 is expected to be ahead of market expectations but it remains cautious about 2023 with some hit from continuing inventory reduction expected in the first half the uk engineeredceramics company said it expects 2022 profit to come in somewhat ahead of the range of 1940 million pounds to 2094 million pounds 2281 million and 2463 million expected by the market the company said performance will be driven by market share gains dynamic price management costreduction actions and a more gradual unwind of inventory despite both steel and foundry end markets are continuing to weaken in the shortterm the unwind in our own inventory levels which is a drag on fixed cost absorption will continue into first half of 2023 in this uncertain environment we are simultaneously preparing to reinforce our cost reduction actions as necessary and maintaining the pace of our longterm growth initiatives to benefit fully from the market rebound when it materializes it added shares at 0838 gmt were up 12 pence or 03 at 3906 pence