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The Engineered Materials Division, which comprises Morgan Advanced Materials & Technology (formerly Carbon), NP Aerospace and Molten Metal Systems, posted revenue of £408 million (~ $ million), a decrease of 3.2% compared to the previous year. Advanced Materials & Technology (AM&T) revenue was £246.8 million (~ $396 million), vs. £205.2 million (~ $330 million) in 2009, reflecting an increase of 20.3% at reported rates and 17.2% on a constant currency basis.
The Ceramics Division includesTechnical Ceramics and Thermal Ceramics. Revenue in the Ceramics Division was £609.1 million (~ $981 million), compared to £521.1 million (~ $839 million) in 2009, an increase at reported rates of 16.9%. Revenue for the Technical Ceramics business in 2010 was £250.1 million (~ $403 million), up 21.4% at reported rates compared to £206 million (~ $332 million) in 2009. Revenue was up by 20.5% on a like-for-like constant currency basis, with all regions showing strong improvement. Thermal Ceramics’ revenue increased by 13.9% to £359.0 million (~ $578 million) in 2010, vs. £315.1 million (~ $507 million) in 2009. On a constant currency basis, the year-on-year increase was 12.1%.
“Morgan Crucible has delivered strong performance in 2010, with improving momentum through the year,” said Mark Robertshaw, CEO. “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.”
For additional details, visit www.morgancrucible.com.