UK's Morgan Advanced Materials falls on bleak outlook

Morgan Advanced Materials

28/02/2025 08:27

** Shares of Morgan Advanced Materials Plc MGAMM.L fall as much as 14% to 220p, their lowest since November 2023

** Stock top pct loser on FTSE 250 .FTMC index

** The semiconductor parts supplier forecasts a mid single-digit pct organic decline in 2025 revenue, citing uncertainty in demand across its end markets, specifically for semiconductor production

** Co scales back investment in semiconductor capacity to 60 million pounds ($75.6 million) from 100 million pounds projected earlier

** FY24 adjusted operating profit up 6.7% to 128.4 million pounds, partly driven by reduction in the number of reporting segments and the consolidation of manufacturing plants

** FY24 revenue down 6.7% to 1.1 billion pounds

** Stock down ~11% over last 12 months

($1 = 0.7941 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)

 ((abyjose.koilparambil@thomsonreuters.com))