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(Alliance News) - Morgan Advanced Materials PLC on Thursday said it had upped its full year guidance after a strong start to the year and "positive order trends".
Guidance for organic sales growth was increased to between 5% and 8% for the full year. Operating margins are expected to improve, driven by volume leverage and the benefit of a restructuring programme, the industrial products manufacturer said.
Shares in Morgan Advanced Materials were up 8.3% at 328.20 pence in London in mid-morning trading.
The Windsor, England-based industrial products manufacturer said sales for the four months to April 30 were 2.5% higher compared to the previous year. Average daily order intake was also ahead of same period in 2020.
Chief Executive Pete Raby commented: "We are pleased with the momentum and return to organic sales growth, driving an upgrade in our guidance for the full year. This, together with the benefits from our restructuring actions, is expected to deliver improved profitability for the year."
In another announcement, Morgan said that Chief Financial Officer Peter Turner will retire during the first half of next year. It is starting a search for a replacement.
By Will Paige; willpaige@alliancenews.com
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