Morgan Advanced Materials PLC US tax reform (7152C)

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RNS Number : 7152C

Morgan Advanced Materials PLC

24 January 2018

Press Release

Morgan Advanced Materials plc

24 January 2018

US tax reform

Morgan Advanced Materials plc notes the passage into law of the Tax Cuts and Jobs Act in the United States. Our preliminary impact assessment is that we expect the Group's effective tax rate to be reduced from 30% in 2017, to a range of between 28% and 29% for the year ending 31 December 2018.

We also note that the new law will require us to revalue the Group's US deferred tax balances following the reduction in the US federal rate of corporate income tax. Our initial assessment is that this is likely to lead to a non-cash credit for 2017, which will be reflected as a specific adjusting item.

We note that certain aspects of the new law may be subject to future clarification and as such could affect the extent to which the Group is impacted by the reduction in the headline tax rate.

For further enquiries:

 
                 Morgan Advanced 
 Pete Raby        Materials plc     01753 837 000 
 Peter Turner 
 
 
   Alison Kay    Brunswick            0207 404 5959 
 

Notes:

The next scheduled update is the Group's Preliminary Full Year results presentation on 27 February 2018.

Legal Entity Identifier: I4K14LL95N2PHDL7EG85

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January 24, 2018 02:00 ET (07:00 GMT)