12th Feb 2015 07:28
LONDON (Alliance News) - Morgan Advanced Materials PLC on Thursday reported its pretax profit halved in 2014, as revenue was dragged back by currency headwinds over the year.
The FTSE 250-listed carbon and ceramic products manufacturer said its pretax profit for the year to December 31 was down to GBP31.5 million from GBP64 million a year earlier.
Revenue was down to GBP921.7 million from GBP957.8 million in the year, but the group said its revenue rose 1.8% at constant currencies.
The company has proposed a final dividend of 7.0 pence per share, up on the 6.7 pence paid last year, bringing its total dividend for 2014 to 10.9 pence per share from 10.5 pence a year earlier.
The group said its performance in North America was solid, though it was offset slightly by weakness in its Technical Ceramics arm. It said its European trading was challenging over the year, with like-for-like revenue flat year-on-year.
"Against the back drop of continuing mixed market conditions as we enter 2015, Morgan will continue to focus and invest in its key technology areas to drive differentiation, positive mix shift and sustainable growth potential. This investment in the business combined with a positive order book as we start 2015 gives the Board confidence that the Group can make further progress in 2015," said Morgan Interim Chief Executive Officer Kevin Dangerfield.
By Sam Unsted; [email protected]; @SamUAtAlliance
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