MGAM Morgan Advanced Materials Plc

Press Release

Morgan Advanced Materials plc

9 May 2024

Q1 Trading Update

Morgan Advanced Materials plc, the global manufacturer of advanced carbon and ceramic materials for complex and technologically demanding applications, announces a trading update in advance of its 2024 Annual General Meeting being held today.

Current Trading

Sales for the first three months of the year to 31 March 2024 were 12.0% higher for the Group on an organic constant currency basis, compared to the same period last year which had been impacted by the cyber incident.

Outlook

Whilst weaker economic conditions have continued as expected, our outlook for full-year constant currency revenue growth remains unchanged.  There has been no change in the Board's expectations for full year performance, with a slight weighting to our second half as expected, as additional capacity from recent investment comes on line.

Pete Raby, Chief Executive Officer, said:

"The business is well positioned with leading market positions, and performing solidly.  Our investment in new capacity, highly differentiated products and technologies to support our Faster Growing Markets is continuing at pace and we are well placed to benefit from the substantial growth opportunities that these markets present".

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