26th Jul 2018 10:16
LONDON (Alliance News) - Morgan Advanced Materials PLC said Thursday an absence of disposal gains led to a sharp drop in first half profit, though the company's expectations for the full-year are now slightly higher than previous estimates.
Morgan Advanced, which makes thermal insulation and fire protection products, added that business growth rate is expected to moderate slightly against a tougher prior year comparative period, but the company is ahead of its plans to drive operational efficiency across the business.
For the six months to June-end, Morgan Advanced posted a pretax profit of GBP43.9 million, down sharply from GBP91.9 million recorded in the comparative year ago period, on a revenue of GBP521.8 million and GBP518.8 million, respectively.
The UK listed company recorded a GBP7.6 million exceptional charge in the interim period, versus a GBP46.1 million disposal gain a year ago.
Group adjusted operating profit - the company's preferred profit measure - totalled GBP61.5 million versus GBP61.2 million a year ago.
Morgan Advanced Materials declared an unchanged interim dividend of 4.0 pence per share.
Shares in the company were trading 2.6% higher at 358.60 pence each on Thursday morning.
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