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(Alliance News) - Morgan Advanced Materials PLC on Thursday reported strong growth in first quarter sales as it reiterated full-year financial guidance.
The Windsor, England-based carbon and ceramic metals manufacturer said sales for the first three months of the year to March 31 were 12% higher on an organic constant currency basis, compared to the same period last year which had been impacted by a cyber incident.
In a trading update ahead of Thursday's annual general meeting the company said "whilst weaker economic conditions have continued as expected, our outlook for full-year constant currency revenue growth remains unchanged."
"There has been no change in the board's expectations for full year performance, with a slight weighting to our second half as expected, as additional capacity from recent investment comes on line," it added.
Chief Executive Officer Pete Raby, said: "The business is well positioned with leading market positions, and performing solidly. Our investment in new capacity, highly differentiated products and technologies to support our Faster Growing Markets is continuing at pace and we are well placed to benefit from the substantial growth opportunities that these markets present".
Shares in Morgan Advanced Materials eased 0.5% to 320.50 pence in London on Thursday.
By Jeremy Cutler, Alliance News reporter
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