Last checked at 5 May 2017 07:00
Press Release
Trading update
Morgan Advanced Materials plc
5 May 2017
Morgan Advanced Materials plc is today issuing the following trading update.
Trading conditions in the period since the full year are in line with management expectations.
Year-to-date sales, on a constant currency basis, were 0.8% lower for the Group compared to the first quarter of last year. Sales for the Thermal Products division were 2.8% lower than the prior year, with declines in Europe and North America. Within the Carbon and Technical Ceramics division, sales were 1.5% higher than last year, driven by growth in Seals & Bearings and Technical Ceramics, partially offset by a decline in Electrical Carbon. Sales in Composites & Defence Systems were lower than prior year.
The book to bill ratio for the Group in the first quarter was slightly ahead of the equivalent period last year. Looking forward, our management expectations for the half and full year remain unchanged.
Financial position
The previously announced divestments of the Rotary Transfer Systems and UK electro-ceramics businesses have now completed.
There have been no other significant events or transactions during the period from 31 December 2016 to 4 May 2017 which have resulted in a material impact on the financial position of the Group.
For further enquiries:
Pete Raby | Morgan Advanced Materials plc | 01753 837 000 |
Peter Turner | ||
Mike Smith Alison Kay | Brunswick |
0207 404 5959
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The next scheduled update is the Group's Half Year results presentation on 28 July 2017.