Morgan Advanced Materials Sees Revenue Decline in First Half
Morgan Advanced Materials Plc recently announced half year results for the period ended June 30, 2013. Group revenue in the first half of 2013 was £486.1 million (~ $759.2 million), a decrease of 8.8% compared to the first half of 2012.
Group underlying operating profit (EBITA after restructuring costs and one-off items) for the first half of 2013 was £51.6 million (~ $80.5 million), compared to £67.2 million (~ $104.9 million) in the first half of 2012. Underlying operating profit margin was 10.6%, compared to 12.6% for the first half of 2012.
“The market environment has remained challenging in the first six months of the year, with group revenue broadly flat at constant currency compared to the second half of last year,” said Mark Robertshaw, CEO. “Our focus has been on improving our performance through operational efficiencies and the organizational changes we have made in the transition to the ‘One Morgan’ model. This has been achieved whilst continuing to invest strategically for the future, both in growth capex and in increased levels of R&D and application engineering resource.”
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