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(Alliance News) - Morgan Advanced Materials PLC said Thursday that full year profitability expectations are unchanged after it reported a small revenue and pretax profit growth for the first half.
The company, which makes thermal and fire protection products, made a pretax profit of GBP54.7 million on a revenue of GBP525.8 million for the six months to June 30. In the same period last year, it recorded pretax profit of GBP52.4 million on a revenue of GBP514.4 million.
First half operating profit, the company's preferred profit measure, rose to GBP63.3 million from GBP58.6 million.
Morgan Advanced expects revenue for the second half of the year to be "broadly flat" compared to last year.
The company's interim dividend share is unchanged at 4.0 pence.
Chief Executive Pete Raby said: "The group has made good progress during the first half of the year. We are on track with the implementation of our strategy, improving our sales capability, driving new product development and improving operational performance."
"Looking forward into the second half of 2019 there are a number of global headwinds and uncertainties leading to a slowing of industrial markets. Based on our current assessment of business trends and orders, we expect group revenues to be broadly flat in the second half compared to the prior year. Our expectations of profitability for the full year remain unchanged."
Shares in the company were up 1.4% at 261.44 pence each in London on Thursday morning.