12th Nov 2015 08:32
LONDON (Alliance News) - Ceramic and carbon products manufacturer Morgan Advanced Materials PLC on Thursday said trading conditions have weakened in the second half and its earnings for the full year are set to come in at the low end of market expectations.
FTSE 250-listed Morgan said trading conditions in the second half of 2015 have weakened, with deteriorating demand particularly hitting trading in North America and China. Its overall order book has reflected this weakness, it said.
Its outstanding order book at the end of October was 5.3% lower year-on-year, a sharp worsening from the 5.7% increase in the order book at the end of June.
Given this, Morgan expects its revenue for the second half will be around 7% lower than the first half and its earnings before interest, taxation and amortisation, prior to restructuring and one-offs, will be at the low end of analyst expectations.
Morgan shares were down 7.2% to 247.9 pence on Thursday morning, one of the worst performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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