Morgan Crucible gives punchy growth guidance
The strong first-half performance by materials manufacturer Morgan Crucible continued in the third quarter, with the group enjoying strong cash generation.
The strong first-half performance by materials manufacturer Morgan Crucible continued in the third quarter, with the group enjoying strong cash generation.
The group said that the ratio of net debt to earnings before interest, tax, debt and amortisation (EBITDA) is now set to fall below 1.3:1 by the end of the year from 1.7:1 at the end of 2010.
The Ceramics division is still seeing good orders and momentum, while the Engineering Materials division's overall performance has continued in line with expectations despite some challenges from the macroeconomic environment, particularly in Europe. Growth initiatives combined with efficiency drives and migration to low cost manufacturing are continuing to deliver positive results, the group said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Windsor based Morgan Crucible has a history going back 155 years and makes a huge variety of high-tech materials including ballistic armour for the defence sector and the central cores of wind turbines.
It has had an impressive year on the markets, with its value growing by 27% in the last 12 months.
In the outlook statement Morgan Crucible acknowledges the difficult macro situation but says its work in emerging markets and in developing new products means it should be able to make further progress.
The group said it is on track to make substantial progress in 2011 towards all three of its stated 2013 financial targets with significant improvements in profit before tax, underlying operating profit margin and Operating Return on Capital Employed
At 8.17am Morgan Crucibles's shares were up 2.42%.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Thousands of estates are sitting unclaimed in the UK – is your family name on the list?
More than 5,700 unclaimed estates are on a government list waiting to be found by living relatives. We take a look at the list, and explain how to make a claim
-
420,000 more pensioners to be dragged into paying income tax – how does tax on the state pension work?
Hundreds of thousands more pensioners will need to pay tax on their pension income at the end of this tax year, new HMRC data shows. We look at how taxation on the state pension works.