Most challenging environment for decades: Morgan Crucible

Commenting on the company's annual results, strategy and outlook, CEO Mark Robertshaw (pictured) said: "I am proud of the results that Morgan Crucible has delivered in the most challenging environment for industrial companies in decades. "Throughout 2009 we maintained a proactive stance of tight operational management and a rigorous focus on cash generation. As a result, our margins held up robustly and operating cash flow was strong, underpinning the Board's decision to maintain the dividend. "Over the last five years we have improved the Group's business model. Our portfolio transition toward higher growth, higher margin, less economically cyclical markets, our sustained pricing discipline and our unremitting focus on cost control has changed the game at Morgan Crucible. "In recent months, there have been early signs of improving order intake although I believe it is premature to be calling a recovery just yet. However, Morgan Crucible is well placed to benefit from any economic recovery as and when it occurs." The company's revenue for the full financial year to 3 January increased to £942.6 million (2008: £835m) up 12.9% on 2008 although pre-tax profits were down at £31.4 million (2008: £82.8m).