REG - Morgan Adv.Materials - Trading Update

Morgan Advanced MaterialsAnnouncement

04/11/2022 07:00

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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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