Morgan Advanced Materials PLC - Windsor, England-based industrial products manufacturer - Swings to pretax loss of GBP25.5 million in half year to June 30 from GBP54.7 million profit a year before, as revenue declines 9.1% to GBP477.8 million from GBP525.8 million, down 8.8% on an organic, constant-currency basis. However, headline operating profit margin maintained at 11.1% due to "rapid cost management actions". Skips interim dividend after paying 4.0 pence last year. Says outlook annual uncertain but notes that daily order intake down 20% in June and July, versus down 30% in April and May.
Current stock price: 218.50p
Year-to-date change: down 31%
By Tom Waite; thomaslwaite@alliancenews.com
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Morgan Advanced Materials (MGAM)