AGM Statement

Morgan Crucible Co PLC
22 April 2005

                                        
                            CHAIRMAN'S AGM STATEMENT


As reported at the time of our Preliminary Results announcement in February,
trading and market conditions in 2005 remain in line with those experienced in
the second half of 2004. External economic pressures such as adverse currency
effects, particularly that of the weakening dollar, rising energy prices, and
increased raw material costs remain factors in our trading. Given the
significant degree of change in these factors over the past year, this will
become particularly relevant when comparing the first half of 2005 to the first
half of 2004. Not withstanding these input price and currency pressures, the
Board anticipates that Morgan's overall performance, for both the first half of
2005 and the full year, will be in line with expectations.

We continue to focus on improving our productivity and cost base. Our profit
improvement programme announced in February 2004 remains on track. Morgan's cost
base continued to decline in 2004 whilst year on year revenue from continuing
businesses grew over 7% on a constant currency basis. The focus of reducing debt
achieved good results; net debt at the end of the year was £147.5 million,
compared with £249.3 million in 2003, representing a reduction of over £100
million.

During 2004 the Group disposed of a number of non-core activities. The most
significant divestment was that of the Auto and Consumer division in June, which
reduced the number of our divisions from six to five, thus simplifying the
structure of the Group. We also continued to divest, close or partially close
manufacturing sites during the year which has significantly reduced Morgan's
operational complexity.

Morgan Crucible has delivered another year of progress and we are now better
placed within our chosen markets to achieve our aim of superior shareholder
return. I would like to thank our employees for their hard work and subsequent
achievements, and our investors for their continued support.


For further information please contact:

The Morgan Crucible Company plc 
Victoria Gould, Director of Group Communications           Tel: [phone]

Finsbury Group
Charlotte Hepburne-Scott
Lucy Slater                                                Tel: [phone]







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