Interim Management Statement

RNS Number : 3843E

Morgan Advanced Materials PLC

10 May 2013

 



Press Release

Interim Management Statement 

Morgan Advanced Materials plc

10^th May 2013

Morgan Advanced Materials plc, the advanced materials company, is today issuing at its Annual General Meeting the following "Interim Management Statement" regarding trading from 1^st January 2013 to 9^th May 2013.

Trading conditions in the first four months of the year are in line with expectations, unchanged from our outlook in the February announcement. Overall, the market environment remains challenging but monthly order intake during the first four months of the year has been stable to marginally positive across our regions. As a result our expectation is for some modest growth in revenue as the year progresses compared to the second half of last year.

The new "One Morgan" organisation structure announced in February is proceeding in line with plan, providing the Group with a more integrated business focussed on accelerating the pace of positive mix change into our target markets.

The previously announced restructuring actions including the "One Morgan" benefits are on track to deliver the £10m improvement to our profit run rate in 2013 compared to the second half of 2012 with the greater part of this coming through in the second half of the year.

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.

As noted in our February announcement the final dividend from 2012 was brought forward and will be paid on 31^st May rather than early July as in previous years.

For further enquiries:

Mark Robertshaw	Morgan Advanced Materials plc	01753 837000
Kevin Dangerfield	Morgan Advanced Materials plc	01753 837000
Mike Smith/Will Carnwath	Brunswick	0207 404 5959

This statement constitutes Morgan Advanced Materials plc Interim Management Statement for the period from 1^st January 2013 to 9^th May 2013 as required by the UK Listing Authority's Disclosure and Transparency Rules.

 

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