Morgan Crucible ‘in robust health’

In a trading statement, the company said the first half of 2008 had seen turnover increase by around 13% compared to last year. Order books across all divisions were well ahead of this time last year and profit margins were expected to be around 11% at the half year. Constraints that had affected the company’s US silicon carbide armour insulation business had been overcome and the group had now enjoyed a full six month contribution from the technical ceramics businesses acquired earlier this year from Carpenter Technology Corporation CEO Mark Robertshaw (pictured) said Morgan Crucible was in robust health. "The Group has continued to trade well in the first half of 2008. Order books - which give us some three to four months' visibility - are healthy and at levels well above the same time last year. The recently acquired Carpenter businesses are performing well ahead of expectations for both revenue and profit margin. Looking forward we expect to make margin progression in the second half and we continue to target our medium term goal of mid-teen operating profit margins. The strength of Morgan Crucible's market positions, order book and robust balance sheet enables us to look to the future with confidence."