Nov. 17, 2010 - British industrial materials firm Morgan Crucible said it expected profit for the year to be in the top half range of analysts' forecast, sending its shares up 3 percent.
Morgan Crucible, which manufactures body armour and graphite powder for the synthetic diamond sector, said its outlook remains positive as it continued to see good trading momentum across most of its end markets.
Analysts forecast 2010 EBITA, before restructuring, of 98.8-109.0 million pounds, the company said.
Morgan Crucible, which initiated streamlining of its business in July, said it expected to realise cost savings of at least 5 million pounds ($7.94 million) in 2011 and about 6-8 million pounds in 2012.
Revenue grew 7 percent for the January-October period.
Morgan Crucible shares, which have gained 39 percent since the beginning of 2010, were up 3 percent at 229.3 pence at 0849 GMT on Wednesday on the London Stock Exchange. ($1=.6300 Pound)
Morgan Crucible, which manufactures body armour and graphite powder for the synthetic diamond sector, said its outlook remains positive as it continued to see good trading momentum across most of its end markets.
Analysts forecast 2010 EBITA, before restructuring, of 98.8-109.0 million pounds, the company said.
Morgan Crucible, which initiated streamlining of its business in July, said it expected to realise cost savings of at least 5 million pounds ($7.94 million) in 2011 and about 6-8 million pounds in 2012.
Revenue grew 7 percent for the January-October period.
Morgan Crucible shares, which have gained 39 percent since the beginning of 2010, were up 3 percent at 229.3 pence at 0849 GMT on Wednesday on the London Stock Exchange. ($1=.6300 Pound)
