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Morgan Advanced Materials PLC on Friday said it was confident of full-year results above analyst expectations, following sales growth throughout the third quarter.
Morgan Advanced Materials is a Windsor, England-based carbon and ceramic metals manufacturer.
For the nine months ended September 30, the company reported total sales growth on an organic constant-currency basis of 11%, compared with the same period last year.
Its molten metals systems unit saw the biggest rise, with sales increasing by 17% year-on-year. Thermal and technical ceramics also performed well, increasing by 11% and 13% respectively.
Morgan Advanced Metals raised its annual guidance on the basis of this performance. It now expects full year growth in the range of 7% to 9%, up from its first-half estimate of 4% to 7%.
Adjusted operating profit for the year is also expected to be marginally above the top end of current analysts' forecasts.
"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," said Chief Executive Officer Pete Raby.
Morgan Advanced Materials shares were trading 9.5% higher at 266.00 pence each in London on Friday morning.
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