IFRS

Morgan Crucible Co PLC
08 July 2005



            Adoption of International Financial Reporting Standards
             Restatement of primary financial information for 2004

The Morgan Crucible Company plc today announces the completion of its
preparations to adopt International Financial Reporting Standards

The Morgan Crucible Company plc ('Morgan') has to date prepared its consolidated
accounts in compliance with UK Generally Accepted Accounting Principles (UK
GAAP). From 5 January 2005 Morgan is required by European Directives to report
its consolidated accounts under International Financial Reporting Standards
(IFRS). The first full year reporting under IFRS will be the year ending 4
January 2006.

As part of this transition, Morgan is presenting a restatement of its 2004
results under IFRS.

A summary of the effect of the restatement on the 2004 consolidated accounts
follows:-

                                                  UK          IFRS        IFRS
                                                GAAP       Changes
                                                  £m            £m          £m
Revenue                                        795.9             -       795.9

Adjusted operating profit*                      53.7           2.1        55.8
Operating (loss) before financing costs        (15.2)          8.5        (6.7)

Basic earnings per share                       (27.3p)         5.3p      (22.0p)
(UK GAAP before goodwill amortisation)

Net assets                                     240.4         (87.3)      153.1

* Adjusted operating profit is before financing costs, restructuring costs,
costs associated with the settlement of anti-trust litigation, gains or losses
on disposals of properties and, in respect of the UK GAAP profit, before
goodwill amortisation.

The primary changes to Morgan's reported 2004 financial information following
the adoption of IFRS are as a result of:

   • Changes in presentation and disclosure

   • Recognising the deficit on defined benefit pension schemes on the
     balance sheet

   • Ceasing to amortise goodwill. Capitalised goodwill will in the future be
     subject to an annual impairment review

   • Recognising an expense for share-based payments

   • Recognising deferred tax assets and liabilities on a different basis

The effect of the adoption of IFRS in respect of Morgan's 2004 consolidated
accounts is set out in detail in a report that can be downloaded from the
company's website as from 9.30am today at www.morgancrucible.com
For further information please contact:

The Morgan Crucible Company plc
Victoria Gould, Director of Group Communications     01753 837 000

Finsbury Group
Charlotte Hepburne-Scott / Robin Walker              020 7251 3801



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