Markets remain challenging for Morgan Advanced Materials (MGAM) at the third-quarter mark, with sales down in most business segments from a year earlier. At constant currencies, sales for the first nine months of the year were 1.9 per cent down on the same period a year ago, but the relative decline has narrowed since the half-year update.
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The group continues to restructure its business model in a bid to drive efficiencies and, at the end of last month, arranged $112m (£90m) and €60m (£53.5m) of new debt via a US private placement to extend its debt maturity profile and repay existing borrowings; a response, perhaps, to the collapse in bond yields and a weakening pound.
