20th Apr 2007 11:02
Morgan Crucible Co PLC20 April 2007 CHAIRMAN'S AGM STATEMENT Your Company delivered another year of improved financial performance in 2006with a further increase in top line growth and continued profit marginenhancement. In addition we announced the achievement of our target of double-digit margins at the half year results, nearly a year ahead of schedule. We continue to challenge ourselves with our new goal of targeting mid-teenoperating profit margins in favourable economic climates and double digit inbad times. To this end, we continue to improve the earnings quality of the Groupby positioning ourselves in less commoditised markets with a greater focus ondifferentiated, value-added products. This shift in our product mix, combinedwith an ongoing focus on cost management and operational efficiencies, puts your Company in a good position to improve further. Morgan Crucible has minimal net debt and substantially reduced its Group pensiondeficits in 2006. Its robust balance sheet positions the Group well to pursueacquisition targets that support and accelerate progress with our strategic priorities. Trading in the first quarter of 2007 has been good and the order books in ourbusinesses have continued to be solid. As a result, the Board remains confidentabout Morgan's prospects over the coming months. However, the continuingstrength of sterling against the US dollar and other currencies, if sustained,will negatively impact our results. Morgan Crucible delivered a strong set of results in 2006. Our strategy goingforward is to continue to focus on higher growth, higher margin end marketswhilst reducing the Group exposure to slower growing more commoditised markets. I am pleased to report that Morgan Crucible is in robust financial health and,as such, the Board is able to recommend payment of an increased dividend. None of the impressive achievements would be possible without the commitment ofour 9,300 employees around the world. On your behalf I would like to thank allof them for their hard work and achievements in 2006, and our investors for their continued support. Enquiries: Victoria Gould The Morgan Crucible Company plc 01753 837306Robin Walker Finsbury 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Morgan Advanced Materials