Morgan Advanced Materials announces sales up 10.5% in Q1-Q3 2022

2022-11-04

Nov. 4, 2022 - Morgan Advanced Materials plc, the global manufacturer of advanced carbon and ceramic materials for complex and technologically demanding applications, announces today its scheduled trading update for the first nine months to 30 September 2022.

Current Trading

Sales for the nine months to September 2022 were 10.5% higher for the Group, on an organic constant-currency basis, compared with the same period last year.

By business unit, organic constant-currency sales performance for the nine months to September 2022, compared with the same period last year, were as follows:

Thermal Ceramics                              +10.7%

Molten Metal Systems                         +17.4%

Electrical Carbon                                +7.2%

Seals and Bearings                             +6.9%

Technical Ceramics                             +13.0%

Group                                               +10.5%

Outlook

Our revenue growth has remained robust.  Despite having seen the expected slight moderation of growth rates in our third quarter, reflecting challenges in the wider economy, we now expect our full year organic constant-currency growth to be in the range 7-9%, above our previous guidance.  We expect adjusted operating profit for full year 2022 to be marginally above the top end of current analysts' forecasts.

Pete Raby, Chief Executive Officer, said:

"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".