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Morgan Crucible recently reported group revenue in 2011 of £1,101 million (~ $1,753 million), an increase of 8.2% compared to £1,017 million (~ $1,620 million) in 2010. On a constant currency basis, revenue increased by 9.3%; at constant currency and excluding NP Aerospace, revenue was up by 13.7%.
Group underlying operating profit (EBITA after restructuring costs and one-off items) for the year was £141.5 million (~ $225 million) compared to £101.6 million (~ $161.8 million) in 2010. Underlying operating profit margins were 12.9%, up from 10% for 2010.
The Morgan Ceramics Division comprises the Thermal Ceramics and Technical Ceramics Businesses. Revenue in the Ceramics Division was £685.2 million (~ $1,091.4 million), an increase of 12.5% compared to £609.1 million (~ $970 million) in 2010. At constant currency, the increase in revenue was 13.7%.
Revenue for the Technical Ceramics Business was £285.1 million (~ $453 million), up 14% compared to £250.1 million (~ $398 million) in 2010. Revenue was up by 16.1% on a constant currency basis, with all regions showing strong improvement. Thermal Ceramics’ revenue increased by 11.4% from £359 million (~ $571 million) in 2010 to £400.1 million (~ $637 million) in 2011. On a constant currency basis, the year-on-year increase was 12.2%
“The group’s continuing strategy of focusing on the right growth markets and the right growth geographies with innovative, differentiated, added-value products drove revenue and underlying operating profit to record levels in 2011,” said Mark Robertshaw, CEO. “As one of the world’s leading advanced materials companies, innovation and differentiation in our product offerings are the bedrock of our long-term profitable growth ambitions. I am, therefore, very encouraged by the success we achieved in 2011 in commercializing an increasing number of new products and technologies. Our continued expansion into the dynamic growth economies of the world such as China, India and Latin America also made significant strides in 2011.”
For more information, visit www.morgancrucible.com.