Trading Update

RNS Number : 2795F

Morgan Advanced Materials PLC

04 November 2022

 

Press Release

Morgan Advanced Materials plc

4 November 2022

Trading Update

Morgan Advanced Materials plc, the global manufacturer of advanced carbon and ceramic materials for complex and technologically demanding applications, announces today its scheduled trading update for the first nine months to 30 September 2022.

Current Trading

Sales for the nine months to September 2022 were 10.5% higher for the Group, on an organic constant-currency basis, compared with the same period last year.

By business unit, organic constant-currency sales performance for the nine months to September 2022, compared with the same period last year, were as follows:

Thermal Ceramics                             +10.7%

Molten Metal Systems                     +17.4%

Electrical Carbon                               +7.2%

Seals and Bearings                             +6.9%

Technical Ceramics                           +13.0%

Group  +10.5%

Outlook

Our revenue growth has remained robust.  Despite having seen the expected slight moderation of growth rates in our third quarter, reflecting challenges in the wider economy, we now expect our full year organic constant-currency growth to be in the range 7-9%, above our previous guidance.  We expect adjusted operating profit for full year 2022 to be marginally above the top end of current analysts' forecasts.

Pete Raby, Chief Executive Officer, said:

"We are delivering robust revenue growth, despite the challenging environment, and improving profitability, with inflation continuing to be more than offset by pricing and continuous improvement activity".

Upcoming events

A capital markets event for institutional investors and analysts will be held on 6 December 2022 in London. Pete Raby and Richard Armitage will be joined by senior leaders from across the group for a series of presentations covering our strategic progress, faster growing market opportunities, ESG approach and the group's financial and M&A framework and aspirations. The slides will be available on the group's website.

The full year results are expected to be released on 28 February 2023.

For further enquiries:

Pete Raby  Morgan Advanced Materials plc  01753 837000

Richard Armitage

Nina Coad                           Brunswick                                                                      0207 404 5959

 

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