Morgan Crucible on course to hit ambitious targets

Industrial materials maker Morgan Crucible saw record revenues and operating profit in 2011, with the group making rapid progress towards the attainment of the goals of its three-year plan announced a year ago.

Industrial materials maker Morgan Crucible saw record revenues and operating profit in 2011, with the group making rapid progress towards the attainment of the goals of its three-year plan announced a year ago.

Revenue rose 8.2% to £1,101.0m in 2011 from £1,017.1m in 2010, bang in line with market expectations. Underlying profit before tax rose 58.1% to £119.7m from £75.7m in 2010, and ahead of the market consensus of £116.6m. Earnings before interest, tax and amortisation (EBITA) improved to £141.5m from £101.6m the year before, with the EBITA margin hardening to 12.9% from 10.0% in 2010.

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