Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Morgan Crucible Co (MGAM)

  Print      Mail a friend       Annual reports

Friday 12 October, 2012

Morgan Crucible Co

Interim Management Statement

RNS Number : 5477O
Morgan Crucible Co PLC
12 October 2012
 



Press Release

Interim Management Statement 

The Morgan Crucible Company plc

12th October 2012

 

 

 

The Morgan Crucible Company plc ('Morgan Crucible'), the advanced materials company, is today issuing its 'Interim Management Statement' regarding trading from 1st July 2012 to 11th October 2012.

 

 

·      Trading conditions have deteriorated across most geographies in the third quarter of the year, particularly in Europe and China

 

·      The slowdown in demand has been most pronounced in the Advanced Materials and Technology (AM&T) business. The Ceramics Division and Molten Metal Systems, comprising over 70% of the Group, have been more resilient, with margins remaining in our target mid-teen range

 

·      Group revenue in the third quarter weakened and was c10% below first half average levels on a constant currency basis. Based on order intake in the third quarter the Group expects this reduced level of trading to continue for the rest of the year

 

·      Given the weakened demand environment, a number of actions are being undertaken across the Group to reduce the cost base, particularly in the AM&T business. We would anticipate Group one-off costs  in 2012 to be in the region of c£15 million, of which the cash costs will be c£10 million, with annualised benefits of c£7-8 million

 

·      The Group's cash generation is robust and the expected net debt to EBITDA ratio for 2012 year end remains low at 1.2 to 1.3 times.

 

Mark Robertshaw, CEO commented:

 

"With a weaker market environment Group performance for the full year is likely to be materially below the Board's previous expectations. We are taking firm action to reduce our cost base to protect profitability and are reviewing further structural actions. In line with our strategy the Group continues to invest for the future both in new product development and capital expenditure in higher margin business areas."

 

Ceramics Division

 

The Ceramics Division consists of the Technical and Thermal Ceramics businesses.

 

Both the Technical and Thermal businesses saw some deterioration in trading across most geographies, in particular in Asia and Europe, partially offset by good performance in Thermal in North America.

 

In North America, aerospace, medical, and the chemical processing sector have remained relatively resilient.  However in Europe we have experienced reduced demand for our Fibre products that go into automotive and iron & steel markets.  In China the weakness in industrial demand reported at the half year has continued and as yet shows no signs of improvement.  Based on third quarter trading, and no change to market conditions in the short term, Divisional performance in the second half of the year is expected to be somewhat below the first half.

 

In response the Division has reviewed its cost base and geographical footprint and is taking a number of restructuring actions to mitigate the effects of this slowdown. The Division continues to invest in its planned capital expenditure programme, including for example the Superwool conversion and geographic expansion into growth markets.

 

Engineered Materials Division

 

The Engineered Materials Division consists of the Advanced Materials and Technology (AM&T) business, including NP Aerospace, and the Molten Metal Systems (MMS) business.

The third quarter of 2012 saw a further softening of trading in AM&T with revenue significantly down compared to the third quarter in 2011. Given current trading conditions second half results are now expected to fall well below the first half of the year. The business continues to be impacted by the slowing Chinese economy and the global downturn in the clean energy sector. Our seals & bearings business saw its trading contract through the third quarter beyond the normal seasonal drop after five consecutive half year periods of solid growth. Additionally, body armour contracts that were expected in the second half have been delayed into 2013. Trading conditions in our electrical business continued to deteriorate in the third quarter and are expected to remain suppressed through the end of the year, as Western economies remain sluggish and China remains depressed. Actions are underway to reduce AM&T's cost base with particular emphasis on our Electrical business in Europe.

The expectation for full year NP Aerospace revenue is now c£60 million with phasing of certain second half contracts potentially being delayed into 2013.

MMS performance is expected to continue in line with the first half of this year, with Asia and the US ahead of 2011 trading levels offsetting headwinds in Europe.

 

Financial position

 

There were no significant events or transactions during the period which resulted in a material impact on the financial position of the Group.

 

Progress has been made with respect to further tax planning initiatives and as a result the expected full year effective tax rate for the Group is c27% compared to the previously guided 29%.

 

The Group's financial position is robust with low gearing and good cash generation.

 

 

For further enquiries:

 

Mark Robertshaw

Morgan Crucible

01753 837000

Kevin Dangerfield

Morgan Crucible

01753 837000




Mike Smith/Will Carnwath

Brunswick

0207 404 5959

 

 

This statement constitutes Morgan Crucible's Interim Management Statement for the period from 1st July 2012 to 11th October 2012 as required by the UK Listing Authority's Disclosure and Transparency Rules.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSDDBDGGSBBGDB