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Interim Results

Morgan Advanced Materials held back by weak defence markets

28 July 2017 08:06

Morgan Advanced Materials (MGAM) saw organic revenue growth of 0.2% in the first half, lifting its operating profit by 1.5% to £61.6m.

Carbon and technical ceramics organic revenue increased by 3.4% but Composites and Defence Systems tumbled 27.7% due to the weak defence markets.

Thermal products revenue slipped by 1.4%.

The company completed two divestments, reducing its net debt to EBITDA ratio to 1.1 compared with 1.6 a year earlier.

Its operating profit margin rose from 11.6% to 11.9%.

The group said it is on track to make a planned £6m incremental increase in its research and development and sales capabilities.

At 8:06am: (LON:MGAM) Morgan Advanced Materials share price was +5.95p at 297.85p

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