26th Feb 2019 09:37
LONDON (Alliance News) - Morgan Advanced Materials PLC on Tuesday reported modest revenue growth in 2018 and warned on political and economic uncertainties that could impact the company's growth in the year ahead.
The engineering company said pretax profit declined to GBP94.9 million in 2018 from the GBP136.8 million reported a year earlier, despite revenue rising by 3.2% to GBP1.03 billion from GBP1.0 billion. On a constant currency basis, revenue climbed by 7.4%.
In 2017, the company recorded a GBP45.7 million gain on the disposal of subsidiary, while in 2018 it booked GBP15.2 million of business exit costs.
Morgan Advanced Materials declared a total dividend per share of 11.0 pence, unchanged from 2017.
"Looking forward to 2019, we are likely to see slower growth in the key industrial economies in which we participate, and there are several macro-economic and geopolitical uncertainties which could have a significant impact," said Chief Executive Pete Raby.
"However, based on our current assessment of business trends and orders, we expect to deliver modest revenue growth in 2019, with efficiency savings delivering benefits to group headline operating profit," added Raby.
Morgan Advanced Materials shares were trading 0.5% higher on Tuesday at 269.40 pence each.
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