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Epic & Msn data
Epic MGCR
Time: 16:35:09
Mid Price: 187.00
Change Today: -2.60 Descending
Change % Today: -1.37 Descending
Fifty Two Week High: 192.30
Fifty Two Week Low: 80.75
Market Capital: 505.29
Period & price data
Period Price
Now: 187.00
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: LSE
Sector: Aerospace & Defense
Epic: MGCR
News: Latest news
Web Site: Morgan Crucible
Other Articles: 17-04-200906-04-200906-01-2009

Morgan Crucible

Morgan Crucible designs and manufactures materials, technical and insulating ceramics and carbon for the aerospace, power generation, satellite communications, body armour, train and fire protection systems markets.
Friday, April 17, 2009

Morgan Crucible says refinancing is progressing well

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Carbon and ceramics components maker Morgan Crucible Co PLC (LSE: MGCR) said refinancing of the group's banking facilities which mature in March 2010 has progressed well and it is in the final stages of documentation for the new facility.

In a statement issued ahead of today’s AGM, the company said group revenues for the first quarter were £255 million compared to £178 million in the equivalent period last year with strong first year performance from NP Aerospace and the businesses acquired from Carpenter.

Excluding acquisitions, first quarter revenues were up 11 percent year-on-year reflecting the benefits of favourable currency translation. However, at constant currencies, the fall in demand Morgan Crucible had been expecting in the period led to a 9 percent fall in organic revenues compared to the previous first quarter.

Chairman Tim Stevenson said: “Going forward, the ongoing uncertainty in the global economy clearly makes it much more difficult to forecast demand accurately. However, to ensure that we are well prepared for any further deterioration in end market conditions, we are continuing to take decisive action to reduce our operating cost base.

“Group overall headcount at the end of Q1, excluding acquisitions, has been reduced by over 1,000 people (10 percent) worldwide from its levels of last summer and we stand ready to take further mitigating actions as required,” he added.

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