StockMarketWire.com - Morgan Advanced Materials posted a rise in annual profit, driven by proceeds from assets sales.

Pre-tax profit increased by 54% to £135.8m, though headline operating profit, which stripped out gains from assets sales, grew by a more modest 2.4% to £119.7m.

The company held its dividend in 2017 steady at 11p per share.

'I am pleased to see the return to organic growth in the year as a result of the early benefits of our strategy implementation and improving market conditions,' chief executive Pete Raby said.

'Strategy implementation is progressing well with further investment in research and development and sales completed in the year, and capability development ongoing across the group.'

'We are on track to meet our goal of growing in line with our markets in 2019, and expect to grow at closer to our market rates in 2018.'


At 9:30am: [LON:MGAM] Morgan Advanced Materials share price was +4.2p at 342.6p



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