Carbon and ceramic products maker Morgan Advanced Materials (MAM) yesterday reported a 50.7 per cent slump in profits for 2014.
In 2013, the company’s profit was £64m, against £31.5m last year.
The full year results were published only two weeks after the appointment of Morgan’s new chief executive Pete Raby, who will take up his position in August.
High restructuring costs and impairment of intangible assets were major contributors to the profit slide, as revenue only went down by less than four per cent.
The company said the higher restructuring costs were due to a “significant rationalisation of the carbon material footprint”.
The value of composites and defence systems, a main products in Europe, dropped in value due to lower demand, MAM said.
Shareholders will get a dividend of 7p per share.