Morgan Advanced Materials trading in line with expectations

Morgan Advanced Materials said it sees modest growth ahead after trading in line with expectations in the first four months of the year.

The UK manufacturer of carbon and ceramic products for industrial industries anticipates a rise in revenues as the year progresses compared to the second half of the year.

The order intake in the period from January 1st to May 9th was stable to marginally positive despite a tough market environment, the company revealed in a trading update Friday.

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In March the firm changed its name from Morgan Crucible to Morgan Advanced Materials in order to reflect its broadened product range.

Instead of separate ceramics and engineered materials divisions, the firm will also have a single business called 'One Morgan'.

"The new 'One Morgan' organisation structure announced in February is proceeding in line with plan, providing the group with a more integrated business focussed on accelerating the pace of positive mix change into our target markets," the company said.

"The previously announced restructuring actions including the 'One Morgan' benefits are on track to deliver the £10m improvement to our profit run rate in 2013 compared to the second half of 2012 with the greater part of this coming through in the second half of the year."

Shares rose 0.26% to 272.60p at 08:31 Friday.

RD