Morgan Crucible doubles profits and vows to do it again

Revenue for 2010 increased by almost 8% to over £1billion (2009: £942.6 million) while pre-tax profits soared by 115.6% to £67.7 million (2009: £31.4 million) and the company said that the growth prospects of the business and the opportunity for further cost reduction through self-help initiatives gave it the confidence to announce an ambition over the next three years to double the profit figure again by 2013, primarily through organic growth but supported by acquisitions, Commenting on the results, strategy and outlook for Morgan Crucible, CEO Mark Robertshaw (pictured) said: "Morgan Crucible has delivered strong performance in 2010 with improving momentum through the year. Our strategy of focusing on technically differentiated products targeted at growth markets and of maintaining a continued focus on managing costs has meant that the Group has delivered much improved earnings. In 2010 the Group also delivered robust cash generation, enabling us to continue to invest both organically and through bolt-on acquisitions, such as that of the Changsha Hairong advanced materials business in China. "Through the continued execution of our proven strategy and given the good momentum that we have, I am confident that Morgan Crucible is well placed to deliver further improvements to our performance in 2011 and beyond. This confidence is underscored by the new three year financial goals we have announced today."