Morgan Crucible H1 Pre-tax Profit Down - Quick Facts

7/24/2012 2:35 AM ET

Morgan Crucible Co Plc (MGCR.L) posted first-half pre-tax profit of 53.7 million pounds versus 55.6 million pounds last year.

Profit for the period was up to 59.1 million pounds from 38.9 million pounds last year.

Earnings per share rose to 20.0 pence from 12.5 pence a year earlier. Earnings per share from continuing operations were 12.6 pence versus 12.5 pence last year.

Underlying EPS was 14.5 pence versus 14.6 pence a year ago.

Group revenue in the first half of 2012 was 533.0 million pounds, a decrease of 4.8% from the previous year. On a constant currency basis, revenue decreased by 4.1%, and at constant currency and excluding NP Aerospace, by 0.5%.

Commenting on the results, strategy and outlook for Morgan Crucible, Chief Executive Officer, Mark Robertshaw said,

"...The Ceramics Division has continued to make good progress through our on-going focus on higher margin, more differentiated products and markets. In the Engineered Materials Division, we have seen reduced demand for the defence and renewables markets in the first half of 2012, which has impacted year-on-year results despite areas of good performance, particularly from our Molten Metal Systems business. Where we have seen areas of softening demand in both Divisions we have responded rapidly at an operational level to mitigate the impacts and the Group has the ability and plans in place to make further adjustments if required.

Based on current trading conditions our expectation is for a similar performance in the second half of the year as the first half. We remain committed to delivering on the three year financial goals which we announced at the beginning of 2011."

Further, the Board has declared an interim dividend of 3.6 pence per Ordinary share. This is an increase of 10.8% compared to the interim dividend declared in 2011. The dividend will be paid on 10th January 2013 to Ordinary shareholders on the register of members at the close of business on 23rd November 2012.

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by RTT Staff Writer

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