Morgan Advanced Materials PLC Q3 Trading Update (8547S)
09 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMMGAM
RNS Number : 8547S
Morgan Advanced Materials PLC
09 November 2023
Press Release
Morgan Advanced Materials plc
9 November 2023
Trading Update
Strong financial position, growth outlook unchanged
Morgan Advanced Materials plc, the global manufacturer of
advanced carbon and ceramic materials for technically demanding
applications, announces today its scheduled trading update for the
first nine months to 30 September 2023.
Current Trading
Sales for the nine months to September 2023 were 2.4% higher for
the Group, on an organic constant-currency basis, compared with the
same period last year. Our recovery from the cyber incident we
experienced at the start of the year has progressed as planned. By
business unit, organic constant-currency sales performance for the
nine months to September 2023, compared with the same period last
year, were as follows:
Thermal Ceramics +0.9%
Molten Metal Systems -7.2%
Electrical Carbon +6.5%
Seals and Bearings -5.4%
Technical Ceramics +7.7%
Outlook
Our outlook for full year organic revenue growth is unchanged at
2-4%. The group has continued to benefit from strong growth in its
Semiconductor, Healthcare and Aerospace end-markets, offsetting
weakness in European and China industrial markets. Seals &
Bearings performance was influenced in part by phasing of armour
orders.
Margins have continued to improve sequentially, despite an
adverse movement in FX impacting the second half by circa
GBP3m.
We continue to pursue opportunities to remove cost to ensure we
enter 2024 with the right cost structure. Although uncertainty
remains around some of our end markets, looking forward we expect
continued margin improvement and good growth in H1 2024, especially
given the cyber incident in the comparative period. In particular,
we expect sustained growth in Semiconductor driven by demand for
Silicon Carbide applications in power electronics.
Pete Raby, Chief Executive Officer, said:
"Our business is growing as anticipated, benefitting from our
leading, differentiated positions in selected markets and despite
the challenging environment, with inflation continuing to be more
than offset by pricing.
Our Board remains committed to our financial framework.
Investment in capacity for our faster growing segments is
accelerating, and we continue to investigate inorganic investments
as well as consider opportunities for enhanced returns to
shareholders."
The full year results are expected to be released on 14 March
2024. A Capital Markets Event will be held during Q2 2024, with
updates on progress in our faster growing markets, opportunities
for efficiency improvement and investment plans.
For further enquiries:
Morgan Advanced Materials
Pete Raby plc 01753 837000
Richard Armitage
Nina Coad Brunswick 0207 404 5959
1. Company-compiled summary of current analysts' forecasts for
adjusted operating profit for 2023 is a range of GBP120.5 million
to GBP125.0 million.
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END
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November 09, 2023 02:00 ET (07:00 GMT)
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