StockMarketWire.com - Morgan Advanced Materials posted a 31% fall in annual profit after it booked charges associated with the closure of businesses in Brazil, Venezuela and China.

Pre-tax profit for the year through December fell to £94.9m, down from £136.8m on-year, and was also dragged down by pension charges.

Revenue rose 3.2% to £1.03bn, while adjusted operating profit rose 3.4% to £124.8m.

Morgan Advanced Materials held its annual dividend steady at 11p per share.

It also sounded a note of caution about its 2019 outlook.

'Looking forward to 2019, we are likely to see slower growth in the key industrial economies in which we participate, and there are several macro-economic and geopolitical uncertainties which could have a significant impact,' chief executive Pete Raby said.

'However, based on our current assessment of business trends and orders, we expect to deliver modest revenue growth in 2019, with efficiency savings delivering benefits to group headline operating profit.'






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