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Morgan Crucible: Half Year Results
A particular highlight over the past six months is the very strong growth of its emerging markets businesses with revenue up 35 % year-on-year on a constant currency basis. The Group delivered strong top line performance in Western world markets, particularly in North America. The Group has entered the second half of 2011 with good trading momentum across both Divisions and across the geographies and end-markets that they serve. Revenue for the half year increased by 11,8 % to GBP 560 million (2010: GBP 501,1 million). At constant currency the Group delivered 14 % revenue growth compared to 2010. The underlying operating profit (EBITA after restructuring charges and one-off items) increased by 49 % to GBP 71,5 million (2010: GBP 48 million). The underlying operating profit margins increased to 12,8 % compared to 9,6 % in the first half of 2010. Group underlying profit before tax increased by 66,3 % to GBP 59,7 million (2010: GBP 35,9 million). Net debt was GBP 244,3 million at the half year (2010: H1 GBP 260,7 million), improving the net debt to EBITDA ratio to 1,5 times (2010: H1 2,1 times). The Ceramics Division consists of the Technical Ceramics and Thermal Ceramics businesses. Revenue for the first half of 2011 in the Ceramics Division was GBP 343,7 million (2010: GBP 294,6 million), representing an increase of 16,7 % at reported rates. At constant currency this increase in revenue was 19,6 %. Divisional EBITA for the first half was GBP 44,7 million (2010: GBP 31,3 million), reflecting good operational leverage on the strong top line performance. As a result, the EBITA margin for the Division improved substantially to 13,0 % (2010: 10,6 %). The Engineered Materials Division consists of the Advanced Materials & Technology business (AM&T), the NP Aerospace business and the Molten Metal Systems business (MMS). Revenue for the first half of 2011 in the Engineered Materials Division was GBP 216,3 million (2010: GBP 206,5 million), representing an increase of 4,7 % at reported rates. At constant currency this increase in revenue was 6,2 %. Divisional EBITA for the first half was GBP 29,5 million (2010: GBP 21,5 million), reflecting the strong performance in both the AM&T and MMS businesses. NP Aerospace trading has been in line with expectations with first half revenue of GBP 55 million (2010: GBP 62,9 million). The EBITA margin for the Division improved substantially to 13,6 % (2010: 10,4 %) (7/2011).