Manufacturer, Morgan Advanced Materials plc (LON:MGAM) topped FTSE 250 today as it reported that pre-tax profit in the latest half year almost doubled.
In a statement, the company said pre-tax profit rose to £92.3mln compared to £46.2mln a year earlier, thanks to a £46.1mln gain from two disposals.
In March, it completed the sale of its UK Electro-Ceramics business, comprising two sites at Ruabon and Southampton for a £27.2mln gain, while the sale of Rotary Transfer Systems delivered £18.9mln.
Revenues rose 9.2% in the six months, to £518.9mln compared to the first half last year, while earnings per share (EPS) increased to 11.6p a share from 10.5p
The group declared an interim dividend of 4p per share, the same as last year.
"We have delivered in line with our expectations in the first half of the year with improved momentum driving organic growth in the second quarter," said Pete Raby, the group's chief executive.
"We are making good progress with the implementation of our strategy. Operational improvements are ahead of plan and providing the funds for reinvestment in research and development, sales and infrastructure."
It noted its move to simplify the business and form a global structure last year, establishing six units, namely, Thermal Ceramics, Molten Metal Systems, Electrical Carbon, Seals & Bearings, Technical Ceramics, and Composites and Defence Systems.
It is also on track to make its planned £6mln increase in research and development (R&D), and sales capacity.
The firm also increased its technology investment at the half-year to 3.2% of sales and told investors it would lift investment for the full year against its three to four-year goal of increasing R&D investment to around 4.0% of sales.
Shares added 2.36% to 298.80p on the day.