Morgan Advanced Materials (MGAM) has reiterated its expectations for 2017, with first-quarter trading in line with expectations. Revenues on a constant currency basis were flat from a year ago, but encouragement was provided by the ceramics manufacturer's book to bill ratio (orders received to units shipped and billed), which came in slightly ahead of the equivalent period last year.
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Some areas such as composites & defence systems exhibited weakness, though growth in the seals & bearings and technical ceramics unit helped to bump up the top line at the carbon and technical ceramics division, which accounted for half of group sales last year.
