Morgan Advanced Materials plc (LON: MGAM) is trading in-line with management expectations and our outlook for the full year remains unchanged.
Sales for the nine months to September 2019 were 0.2% higher for the Group, on an organic constant-currency basis, compared to the first nine months of last year. Consistent with the position reported at the half year, declines in the industrial and automotive market segments have been offset by growth in the semiconductor and electronics, healthcare and chemical and petrochemical segments. As previously guided, Group headline operating margins are slightly ahead of the prior year driven by our efficiency actions.
By business, the organic-constant currency trends for the nine months compared to prior year are as follows. Within the Carbon & Technical Ceramics division, sales were 3.5% higher than prior year, with growth in Seals & Bearings and Technical Ceramics offsetting a modest decline in Electrical Carbon. Sales for the Thermal Products division were 3.5% lower than the prior year, predominately driven by a decline in Europe.
The next scheduled update for Morgan Advanced Materials preliminary full year results presentation is on the 25th February 2020.