Morgan Advanced Materials in line to meet annual expectations

20th May 2015 09:06

Morgan Advanced Materials said its annual trading expectations remained unchanged, following four months of mixed market conditions.In a short statement released on Wednesday, the FTSE 250 group reported a 1.9% rise in like-for-like revenue in the year to date, while book-to-bill ratio was 1.07 in the four months to 30 April and its outstanding order book rose 8% year-on-year.Morgan said it had registered growth in all regions, with strong growth in Asia offsetting weakness in the Chinese market.However, performances in North America and Europe were mixed, with both markets reporting growth in the thermal business but sluggish performances in other divisions.Analysts at Peel Hunt reiterated their 'hold' rating on the stock and left their forecast unchanged following the statement.Morgan Advanced shares were up 0.3% to 335.60p at 09:19 on Wednesday.