Business
COVID-19 Update
COVID-19 Update.
About this update from Morgan Advanced Materials Plc
[{"type":"text","content":"\n \n \n RNS Number : 1265I\n Morgan Advanced Materials PLC\n 31 March 2020\n \n \n \n \n \n \n \n \n Press Release\n \n \n Morgan Advanced Materials plc \n \n \n 31 March 2020 \n \n \n \n \n \n COVID-19 update\n \n \n \n \n \n \n \n \n Our employees and customers\n \n \n \n \n \n The health, safety and wellbeing of our employees is our absolute priority. We are following the varying advice of local governments around the world as the situation develops, and have wound down some operations and closed sites in geographies where that is required. We also continue operations with heightened safety measures where appropriate, and we continue to service customers in key industries such as healthcare, food production, energy and critical infrastructure. \n \n \n \n \n \n Financial and operational performance\n \n \n \n \n \n Sales for the 12 weeks to 21 March 2020 were 3.2% lower for the Group, on an organic constant-currency basis, compared to the same period of last year. Excluding China, the group was 0.2% lower than the prior year. \n \n \n \n \n \n By business, the organic-constant currency trends for the same period compared to prior year are as follows. Within the Carbon & Technical Ceramics division, sales were 0.6% lower than the prior year, with growth in Seals & Bearings partially offsetting a decline in Electrical Carbon, and with Technical Ceramics broadly flat. Sales for the Thermal Products division were 6.7% lower than the prior year. \n \n \n \n \n \n While we are currently seeing the position improve in China, with all of our factories there reopened, the COVID-19 outbreak has escalated globally. At this point we have six businesses closed across Italy, India and South Africa. The situation remains highly uncertain and it is therefore impossible to predict with any degree of certainty the impact this will have. We are consequently withdrawing our previous guidance for 2020.\n \n \n \n \n \n Mitigating actions and financial position\n \n \n \n \n \n While significant uncertainty exists around the impact of COVID-19, we have taken immediate action to reduce costs and improve cash flow and liquidity. These include reductions to capital expenditure other than for vital health, safety...