Morgan Crucible Year Results Beat Forecasts
March 20, 2001
British industrial materials group Morgan Crucible recently reported an underlying pre-tax profit of 95.1 million pounds ($138.7 million) for 2000, well above forecasts. The figure is 17.3% higher than the 81.1 million pounds recorded for 1999 and compares with the 86.7 million consensus of analysts polled by Reuters. Morgan Crucible completed a 240 million pounds disposal program in 2000, and now focuses on carbon products, ceramics and fuel cell technology. Morgan said it had felt the U.S. economic slowdown in some parts of its business, namely the automotive and consumer markets. However, it stressed that barring a significant worsening in the rate of slowdown, it expected to show overall continued progress through 2001.