In the nine months to September 30 sales shed 10% and are expected to decline 10-14% in the full year
() has declared an interim dividend despite it expects sales to remain under pressure.
Shareholders will receive a distribution of 2p per share for the half-year to June 30.
The manufacturer expects full-year organic constant currency sales decline to be 10-14%, with a return to growth anticipated from the second quarter of 2021.
In the nine months to September 30, sales shed 10%, reflecting an 11% fall in the third quarter, improving from the 15% decline seen in the second quarter.
Carbon & Technical Ceramics division sales were 6% lower, with growth in Seals & Bearings partially offsetting declines in Electrical Carbon and Technical Ceramics, while Thermal Products division sales dropped 14%.
The FTSE 250 firm said the restructuring programme announced in July is on track, with all of the major plant closures now announced, with an expected cut on costs of £20mln per annum by 2022, though it will cost £30mln to deliver these savings.
As of September 30, the company had £129mln net debt, cash and cash equivalents of £136mln and undrawn headroom of £119mln.
Shares rose 1% to 250.5p on Friday morning.
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