Morgan Advanced Materials sees boost from US tax cuts

Morgan Advanced Materials said it expected its US tax rate to fall to between 28%-29% from 30% after President Donald Trump's tax cuts.

The company said the new law would also require a revaluation of its US deferred tax balances.

“Our initial assessment is that this is likely to lead to a non-cash credit for 2017, which will be reflected as a specific adjusting item,” Morgan said.

“We note that certain aspects of the new law may be subject to future clarification and as such could affect the extent to which the Group is impacted by the reduction in the headline tax rate,” it added.