Morgan Crucible Co. (MGCR), which provides body armor to the U.K. Ministry of Defence, said first-half profit fell 69 percent as demand from industrial clients fell and the company booked costs to trim its workforce.
Net income dropped to 9 million pounds ($14.8 million), or 3.2 pence a share, from 28.8 million pounds, or 10.5 pence, a year earlier, the Windsor, England-based company said today in an e-mailed statement. Sales excluding acquisitions, disposals and currency movements declined 7.3 percent.
“The global economic environment has been particularly challenging in the first half of 2009 and it is our expectation that industrial markets will remain weak for the second half of the year,” Chief Executive Officer Mark Robertshaw said in the statement. “It is still premature to call an end to the downturn, there are some signs of a stabilization in order books and sales levels in recent weeks in certain sectors.”
Restructuring costs were 8.2 million pounds during the period. The company cut a total of 1,200 jobs since last summer, Morgan Crucible said in May.
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