Morgan Crucible results surge on emerging market growth

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Morgan Crucible reported highest-ever full-year results, helped by strong performance across both its divisions, and reiterated that 2012 growth would be driven by new products and emerging markets.

The company, which provides carbon technology services for the aerospace and space exploration industries, said it made significant progress towards the target of doubling its underlying pretax profit by 2013, with revenue from China and India rising by 23%.

Morgan Crucible had set out the target in early 2011 and expected revenue growth from emerging markets to grow 10% per year, boosted by the industrialisation of countries like China and India.

The company operates in ceramics and engineered products divisions that supplies materials to manufacturers of medical instruments, body armour, power generation, trains and fire protection systems.

Final dividend was raised by 20% to 6 p, taking the total dividend to 9.25 p, said the company, whose bigger peers include Weir Group and Cookson.

For the full year ended January 1, the company posted an underlying pretax profit of £119.7 million, compared with £75.7 million last year.

Revenue was up 8% at £1.1 billion.

Morgan Crucible shares, which have gained 20% in the last three months, closed at 327 p last night on the London Stock Exchange.