(WebFG News) - Morgan Advanced Materials said it has decided to make an exit from the composite and defence systems business as it got off to a stronger start to 2018, with sales growth accelerating in the first quarter.
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Morgan Advanced Materials materials on Tuesday said asset sales helped to boost full year pre-tax profits to £135.8m from £87.9m.
Morgan Advanced Materials said it expected its US tax rate to fall to between 28%-29% from 30% after President Donald Trump's tax cuts.
Morgan Advanced Materials's boss gave his spouse the shares, net of taxes, resulting from the vesting of the second and final tranche of stock in the company following his appointment as chief executive officer of the engineer.
Morgan Advanced Materials has elected to make an accelerated cash contribution of an additional $36m to its US defined benefit pension scheme in December, it announced on Monday.
Morgan Advanced Materials said on Monday that it is trading in line with its expectations as it reaffirmed its outlook for the full year.
Morgan Advanced Materials saw revenue rise 9.2% to £518.9m in its first half, it reported on Friday, although the improvement was only 0.2% on an organic constant currency basis.
Morgan Advanced Materials said on Friday that trading conditions since the full year are in line with management expectations.
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Morgan Advanced Materials' revenue for 2016 rose despite "challenging" trading conditions in the second half of the year as it remains on track with its operational strategy.
Morgan Advanced Materials has agreed the sale of its UK Electro-Ceramics business, which comprises two sites at Ruabon and Southampton, to CeramTec UK Limited, a fully owned subsidiary of CeramTec GmbH.
Manufacturer Morgan Advanced Materials is to sell its Europe-based rotary transfer systems business to Moog, a US manufacturer of motion and fluid control systems, for about 40m on a cash and debt free basis.
Engineering shares were boosted by a note from Bank of America Merill Lynch that upgraded Spectris and Spirax-Sarco Engineering but said Smiths Group was its preferred UK name in a sector where investors are looking to rotate towards cyclical stocks.
Morgan Advanced Materials reported an improved third quarter's trading thanks to currency changes, with sales in most parts of the business still down on last year.
Credit Suisse reiterated its 'outperform' stance on shares of IAG Group, pointing to the carrier´s upcoming Capital Markets Day as a potential catalyst for confidence in the firm and its self-help measures.
Analysts at UBS lifted their target price on shares of Morgan Advanced Materials from 245p to 285p, but stuck to their 'neutral' recommendation on what they described as a serially underperforming engineer.
Morgan Advanced Materials announced on Friday that it has raised $112m and 60m with the completion of a US private placement.