Morgan Advanced Materials PLC Trading Statement (4087O)
November 07 2016 - 1:00AM
UK Regulatory
TIDMMGAM
RNS Number : 4087O
Morgan Advanced Materials PLC
07 November 2016
Press Release
Trading update
Morgan Advanced Materials plc
7 November 2016
Morgan Advanced Materials plc, the advanced materials company,
is today issuing the following trading update.
Trading conditions in the period since the half year are in line
with management expectations and unchanged overall from the outlook
in our July trading statement.
Year-to-date sales, on a constant currency basis, were 1.9%
lower for the Group than when compared to the first nine months of
last year. Sales for the Thermal Products division were 0.3% lower
than the prior year, with growth in Asia and Europe offset by a
decline in the Americas. For the Carbon and Technical Ceramics
division, sales were 3.6% lower than last year, with declines
across all of the business units. Sales in Composites & Defence
Systems were at a similar level to the prior year. For the group as
a whole, the book to bill ratio for the first nine months was
1.00.
Looking forward, our expectations for the full year remain
unchanged.
Financial position
As announced on 28 October, the Group has raised new debt of
$112m and EUR60m with the completion of a US private placement. The
new debt extends the group's debt maturity profile and will be used
for repayment of existing indebtedness and other general corporate
purposes. There have been no other significant events or
transactions during the period from 30 June 2016 to 6 November 2016
which have resulted in a material impact on the financial position
of the Group.
For further enquiries:
Morgan Advanced
Pete Raby Materials plc 01753 837000
Peter Turner
Mike Smith/Nina
Coad Brunswick 0207 404 5959
The next scheduled update is the Group's Full Year results
presentation on 23 February 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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