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Morgan Advanced Materials PLC on Tuesday said all of its manufacturing sites are operational, as it continues to respond to a cybersecurity incident in January. The Windsor, England-based specialist industrial product manufacturer said some manufacturing sites are using manual transaction processes, as it continues to restore their systems after detecting unauthorised access to its systems on January 10. The company added that some of its systems are irrecoverable, so it is ‘accelerating the implementation of a new cloud-based ERP solution at the affected sites’. The company noted that despite immediate action having been taken at the time of the breach, exceptional costs could amount to between £8 million and £12 million, due to specialist fees and the costs associated with recovering systems across the company. Adjusted operating profit for 2023 could be between 10% and 15% lower than expectations as a result, it said, while Morgan expects 2022 adjusted operating profit to be slightly above the top end of market expectations. The company added that the incident won’t have a long-term material impact. Morgan said it ‘remains challenging’ to determine the impact on its trading in the first half of 2023. Multiple sites saw a delay in restarting production and shipping after the incident, it said. Demand has remained strong, but production has been inefficient during the recovery period, the company added. Morgan Advanced shares were down 5.4% at 299.00 pence per share on Monday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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