Morgan Advanced Materials director backs company after dip in profit

Two years after joining the board of Morgan Advanced Materials, director Douglas Caster has finally opened his wallet and backed the company after a dip in its full year earnings.

Caster, who joined the board in February 2014, purchased 18,000 shares for just over £38,500.

It was his first shareholding in the company, equating to a 0.006% stake.

The purchase followed annual results on Tuesday from the carbon and ceramics materials and application engineering group, which held its final dividend flat at 7p.

That was thanks to strong operational cash flow despite a 1.1% decline in group revenue to £911.8m, which implied a 3-4% decline in the second half.

EBITDA fell 7.1% to £109.6m and underlying profit before tax was down 3.7% to £88.2m.

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Morgan Advanced Materials (MGAM)
Director name: Caster,Douglas
Amount purchased: 18,000 @ 214.10p
Value: £38,538.00

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