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Thermal products fuel sales growth for Morgan Advanced Materials; CFO announces retirement
StockMarketWire.com
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First quarter sales at Morgan Advanced Materials increased 2.5% on the same period last year, driven by growth in molten metal systems and thermal ceramics.
The thermal products division had a 3.7% rise in sales for the first quarter of 2021, while carbon and technical ceramics division increased were 1.7% higher, fuelled by growth in electrical carbon and technical ceramics.
Average daily order intake for the first four months of the year to April 2021 were ahead of the same period in 2020, the company said.
Based on the performance and order trends, Morgan Advanced Materials has raised its guidance for its organic constant currency sales group to be in the range of 5% to 8% for the full year, assuming no restrictions on operations related to Covid. Operating margins are expected to improve driven by volume leverage and the benefit of its restructuring programme announced last year, the company added.
In addition, chief financial officer of the group, Peter Turner, has informed the board of his intention to retire. He will leave Morgan Advanced Materials during the first half of 2022 to support an orderly transition.
The board is commencing a search for his successor.
Story provided by StockMarketWire.com
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