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 three months to March 2019 were 2% higher for the Group, on an organic constant-currency basis, compared to the first three months of last year. As guided at the 2018 full year results, Group headline operating margins are slightly ahead of the prior year, seeing benefit from the leverage of organic growth and from efficiency actions.
By business, the organic-constant currency trends for the three months compared to prior year are as follows. Within the Carbon & Technical Ceramics division, sales were 7% higher than prior year, with growth in Electrical Carbon, Seals & Bearings and Technical Ceramics. Sales for the Thermal Products division were 3% lower than the prior year, with a decline in Europe partially offset by growth in Asia.