LONDON (ShareCast) - Engineer Morgan Crucible said interim results were at the top end of expectations and expects further margin progression in the second half.

Pre-tax profit rose to £39.5m from £36.2m in the same period last year on revenue that increased 15.4% to £401.2m. On an organic and constant currency basis revenues grew by 4.9%.

The group said current order books are healthy at levels well above the same time last year on a like for like basis.

The Carpenter businesses acquired in March 2008 and its 2007 investment in NP Aerospace are both ahead of its revenue and profit expectations.

“We expect the group to deliver further margin progression in the second half of the year and our goal remains mid-teen underlying operating profit margins in good times and double digit margins in bad times,” said the group.

“Our strong market positions and healthy order book combined with a robust balance sheet enable us to look forward with confidence,” it added.

Interim dividend increased by 11.1% to 2.50p per share.

• News Channel