Morgan Advanced Materials reports revenue growth in second half

11th Nov 2014 09:32

Carbon and ceramic products manufacturer, Morgan Advanced Materials, published an encouraging trading update, outlining positive revenue growth.Morgan reported that its trading performance in the four months to the end of October showed encouraging results in line with management expectations.The company's current book to bill order ratio is 6% high compared to year-on-year results.The group expects to achieve around 3% revenue growth in the second half of the financial year, compared to the second half of 2013 on both a continuing and constant currency basis.The firm reported strong results over all three of its operating regions. Asia/Rest of the world showed particularly strong trading year-to-date compared to last year. In North America, trading conditions continue to be mixed, while Europe remained stagnant with little sign of any general market improvement.Chief executive officer Mark Robertshaw said: "Overall, the group is delivering attractive margins and cash flow in challenging market conditions whilst continuing to invest strategically in technology and profitable growth to reinforce Morgan's differentiation and sustainable competitive advantage."Following the announcement on Tuesday, the company's share price rose 1.74% to 297.50p per share.