Morgan Crucible sees full-year in line

LONDON (ShareCast) - Engineer Morgan Crucible (LSE: MGCR.L) saw turnover rise by about 13% in the first half and said it expects its full year performance to be in line with forecasts.

On a like for like basis, excluding acquisitions, revenue growth is expected to be 10% in the first half. The group's order books continue to be strong and are well ahead of this time last year.

The group's organic revenue growth guidance for the full year remains in the 5-6% range on a constant currency basis.

Underlying operating profit margins are expected to be in the mid 11% range at the half year, which is comparable to the full year 2007 at 11.4%, Morgan (MGHL.PK - news) said.

"The group has continued to trade well in the first half of 2008. Order books - which give us some 3 to 4 months' visibility - are healthy and at levels well above the same time last year," said chief executive Mark Robertshaw.

"Looking forward we expect to make margin progression in the second half and we continue to target our medium term goal of mid-teen operating profit margins. The strength of Morgan Crucible's market positions, order book and robust balance sheet enables us to look to the future with confidence," he added.

Source:http://uk.biz.yahoo.com/080707/214/i2v07.html