Trading update

RNS Number : 4276X

Morgan Advanced Materials PLC

06 May 2016

 

Press Release

Trading update 

Morgan Advanced Materials plc

6^th May 2016

Morgan Advanced Materials plc, the advanced materials company, is holding its Annual General Meeting (AGM) today at The Lincoln Centre, 18 Lincoln's Inn Fields, London, WC2A 3ED at 10.30. In conjunction with the AGM it is today issuing the following trading update covering the period from 1^st January 2016 to 3^rd April 2016.

Trading conditions in the first three months of the year are in line with management expectations and unchanged from our outlook in the February announcement. The transition to the new global organisation structure that was outlined in February, as part of the implementation of the group's strategy, has been successfully completed.

Year-to-date sales on a constant currency basis are broadly flat compared to the first three months of last year. 

The Thermal Products division saw low single digits sales growth against a relatively modest comparator period, driven by growth in Asia and Europe partially offset by a decline in the Americas. This growth has been offset by a decline in the Carbon and Technical Ceramics division, which saw declines across all of its businesses in the quarter, with a challenging end market environment.

Looking forward, our underlying trading expectations for the half year and full year remain unchanged, with challenging market conditions persisting and a strong prior year comparator in the second quarter. At current exchange rates, currency translation would provide a modest benefit to the reported results.

Financial position

There have been no significant events or transactions during the period from 1^st January 2016 to 5^th May 2016 which have resulted in a material impact on the financial position of the Group.

For further enquiries:

Pete Raby	Morgan Advanced Materials plc	01753 837000
Peter Turner
Mike Smith/Nina Coad	Brunswick	0207 404 5959

The next scheduled update is the Group's Half Year results presentation on 27^th  July 2016.

 

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