9th May 2014 10:18
LONDON (Alliance News) - Morgan Advanced Materials PLC maintained its expectations for the full year, excluding the effect of currency translation, in a statement ahead of the company's annual general meeting Friday.
The technology company said that trading in the first four months of 2014 had been in line with expectations, and that constant currency revenues in the year to date were broadly flat on the previous year.
It noted that since the end of 2013 sterling continued to strengthen against the other major currencies in which it trades, and if current exchange rates continue throughout the year, its full-year revenue would be reduced by around 5% to 6% compared to to 2013.
Morgan Advanced said that its end-market conditions remained mixed, but that its outstanding order book at the end of April was around 5% ahead of the previous year.
The company has seen the most improvement in Asia, it said, whilst in North America its Thermal, Electrical and Seals and Bearings businesses showed improvements, but this was offset by softness in its Technical Ceramics business.
In Europe the company saw a stable order book during the first four months, but there was little "sign as yet of general market improvement". Its UK Composites and Defence Systems business saw a weak four months, as major contracts went through bid evaluation and approval processes.
Morgan Advanced made good progress on its investment strategy, it said, and it is set to commission its new high-temperature insulating fibre plant in the Middle East in the second half of 2015.
Its facility for structural ceramics technology in Stourport in the UK will begin operations by the fourth quarter of the year, the company said.
Shares in Morgan Advanced were trading down 0.6% at 335.50 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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