Morgan Advanced Materials trading in line

Morgan Advanced Materials said on Friday that trading conditions since the full year are in line with management expectations.

In the year to date, sales on a constant currency basis were down 0.8% compared to the first quarter of last year. Sales in the Thermal Products division were 2.8% lower, with declines in Europe and North America.

Meanwhile, in the Carbon and Technical Ceramics division, sales were up 1.5% on the same quarter a year ago, driven by growth in Seals & Bearings and Technical Ceramics, partially offset by a decline in Electrical Carbon. Sales in Composites & Defence Systems were lower than last year.

The book to bill ratio was slightly ahead of the equivalent period last year and the company said expectations for the half and full year remain unchanged.

In addition, Morgan said the previously announced divestments of the Rotary Transfer Systems and UK electro-ceramics businesses have now completed.