Industrial materials group Morgan Crucible has said that it has made good progress in the six months to July 4 and expects to post first-half operating profits in line with the market expectations.
The group, which owns technical ceramics facilities in Stourport-on-Severn and Rugby as well as a crucibles business in Norton, said the European market had weakened in the first half of 2005.
?This has particularly impacted the Magnetics and Crucibles businesses given their higher proportion of European sales,? it said. ?Nevertheless, the group has been able to offset this with demand remaining robust in our North American and Asian markets,? it added.
Sales from continuing business in the first six months are about five per cent higher on a constant currency basis than in the year-earlier period.
The company also said it will take a restructuring charge of about #11 million.
In a separate statement, it said its 2004 losses per share narrowed to 22.0 pence under IFRS from 27.3 pence under GAAP accounting standards.