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Prices & Quotes - UK Markets - Morgan Advanced Materials (MGAM)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 335.50p
Change Today:
6.00p
Market Cap:
957.42m
Sector:
Electronic & Electrical Equipment

Morgan Advanced Materials YTD sales decline amid Covid-19 downturn

By Iain Gilbert

Date: Friday 06 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Manufacturer Morgan Advanced Materials said on Friday that sales had dropped in the nine months ended 30 September as a result of a broad market downturn amid the Covid-19 pandemic.
Morgan Advanced Materials stated year-to-date sales were 9.8% lower on an organic constant currency basis, reflecting an 11.5% decline in the third quarter, an improvement from the 15.4% decline seen in the second.

Sales in the group's carbon and technical ceramics division were 6.3% lower, with growth in the seals and bearings units partially offsetting the decline.

In terms of order trajectory, the FTSE 250-listed firm said it had seen "an improving performance" since its interim results, with average daily order intake improving to a year-on-year decline of roughly 15% in the third quarter.

MGAM added that its restructuring programme was on track, with all of its major plant closures now being announced and key activities currently underway to structurally improve the efficiency of its businesses and reduce costs by 20.0m per annum by 2022 at an anticipated cash cost of 30.0m.

The board also declared an interim dividend of 2.0p per share.

"Subject to no significant change in Covid related operating restrictions, for the full year we anticipate the group's organic constant currency sales decline to be in the range of 10-14%, with a return to organic constant currency sales growth anticipated from the second quarter of 2021," said the group.

As of 0820 GMT, MGAM shares were up 2.82% at 255.50p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

MGAM Market Data

Currency UK Pounds
Price 335.50p
Change Today 6.00p
52 Week High 346.00p
52 Week Low 190.80p
Volume 121,422
Shares Issued 285.37m
Market Cap 957.42m
Beta 0.02

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 7
buy
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MGAM Dividends

  Latest Previous
  Final Interim
Ex-Div 29-Apr-21 19-Nov-20
Paid 21-May-21 11-Dec-20
Amount 3.50p 2.00p

Trades for 14-May-2021

Time Volume / Share Price
16:35 51,948 @ 335.50p
16:29 1 @ 334.50p
16:29 1 @ 334.50p
16:29 16 @ 334.50p
16:29 4 @ 334.50p

MGAM Key Personnel

CEO Pete Raby
CFO Peter Turner