MORGAN CRUCIBLE SAYS PROSPECTS ARE ENCOURAGING
Morgan Crucible Co Plc <MGCR.L> said the
prospects for 1987 were encouraging, with orders and sales
significantly up on last year in all divisions.
    It said there were good opportunities for growth in both
existing and recently acquired businesses as well as for growth
by acquisition in related areas.
    It earlier announced a 6.1 mln stg rise in pre-tax profit
to 24.8 mln stg for the year to December 28. Turnover rose to
242.1 mln from 211.5 mln.
    Most of its companies performed well despite a slowdown in
the U.S., U.K. And Australian economies in the first half.
    Currency fluctuations reduced pretax profit by around one
mln stg, it noted.
    Morgan said although profits in the electronics sector
improved to 1.0 mln stg from 100,000 stg previously, results
were nonetheless disappointing.
    Sales were lower than expected, due mainly to delayed
defence orders and cancellations. However, it said it had taken
the necessary remedial action, obtained new business and was
now proceeding with the delivery of major delayed orders.
    Morgan shares firmed two pence to 318p at 0905 GMT from
316p at Friday's close.
 REUTER
