Morgan Crucible benefits from reorganisation
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Industrial ceramics and carbon specialist Morgan Crucible has reported increased profits for the half year ended 4 July, and announced a significant streamlining of its organisational structure by rationalising the existing business units into two divisions.
The Group believes its the new simplified structure will position it for further margin improvement. The two new divisions will be named 'Morgan Ceramics', comprising the Technical Ceramics and Thermal Ceramics businesses, and 'Morgan Engineered Materials', comprising the Carbon, including NP Aerospace, and Molten Metal Systems businesses.
CEO Mark Robertshaw (pictured) said Morgan Crucible's strategy of focusing on more differentiated, less economically cyclical markets had delivered significantly better earnings levels during the global economic downturn. He went on: "Following our resilient profit and margin performance in 2009, the Group's underlying order book, excluding NP Aerospace, has been showing consistent month-on-month growth since the fourth quarter of last year giving us good momentum as we enter the second half."
Robertshaw believed the new simplified structure would "help position the Group for faster top line growth, greater operational efficiencies and improved margins".
Revenues for the half year increased to £501.1 million (2009: £492 million) and underlying pre-tax profit increased by 53.4% to £35.9 million (2009: £23.4 million).
