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Morgan Advanced Materials PLC on Thursday said that its outlook for the year remained unchanged, after seeing growth across some - but not all - of its business units in the first nine months of the year. For the nine months to September 30, the Windsor, England-based carbon and ceramic metals manufacturer reported sales 2.4% higher than the same period a year prior. Elaborating, Morgan Advanced Materials said its recovery from a cyber incident at the start of the year had progressed ‘as planned’, with sales improvements in some segments. The thermal ceramics, electrical carbon, and technical ceramics business units saw organic constant-currency sales growth of 0.9%, 6.5%, and 7.7% respectively, when compared to the previous year. Molten metal systems, as well as seals and bearings, fell 7.2% and 5.4% each. Looking ahead, Morgan’s outlook for full year organic revenue growth was unchanged at 2% to 4%. The firm noted that while there is uncertainty about some of its end markets, it expects ‘continued margin improvement and good growth’ in the first half. ‘Our business is growing as anticipated, benefitting from our leading, differentiated positions in selected markets and despite the challenging environment, with inflation continuing to be more than offset by pricing,’ said Chief Executive Officer Pete Raby. ‘Our Board remains committed to our financial framework. Investment in capacity for our faster growing segments is accelerating, and we continue to investigate inorganic investments as well as consider opportunities for enhanced returns to shareholders.’ Morgan Advanced Materials shares were trading 3.2% higher at 240.50 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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