Morgan Crucible hit by a slowdown in revenue
BRITISH advanced materials group Morgan Crucible said yesterday revenue in the first four months of 2012 was marginally lower than in the same period last year.
Turnover dipped four per cent, but the firm said that despite the slower start there were signs of improvement.
Morgan Crucible said that the ceramics division had performed strongly and that the group was still on target for its full year forecasts.
Singer Capital Markets analyst Jo Reedman said the company is “aiming to reassure” by maintaining its full-year outlook unchanged.
But the reassurances were not enough to prevent a slump in the firm’s shares, which closed 9.7 per cent lower at 281p.
Meanwhile the group said that its chairman Tim Stevenson is to retire from the board at the end of July this year to be replaced by Andrew Shilston, a non-executive director.
Stevenson will leave the firm after six years at the end of July.