- Morgan Advanced Materials said it expected its effective tax rate in the US to fall to between 28% and 29% for the calendar 2018 year, down from 30% in 2017.

An initial assessment of deferred tax balances also indicated that US tax reform would likely lead to a non-cash credit for 2017.

"We note that certain aspects of the new law may be subject to future clarification and as such could affect the extent to which the group is impacted by the reduction in the headline tax rate," the company added.

At 1:35pm: [LON:MGAM] Morgan Advanced Materials share price was +0.5p at 349.3p

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