Morgan Advanced Materials Regulatory News (MGAM)

Press Release

Morgan Advanced Materials plc

29 June 2023

H1 Trading Update

Morgan Advanced Materials plc, the global manufacturer of advanced carbon and ceramic materials for complex and technologically demanding applications, announces a trading update in advance of its 2023 Annual General Meeting being held today.

Current Trading

Sales for the six months to June 2023 are expected to be around 2% higher on an organic constant-currency basis, compared to the same period last year. Following a period in which the cyber incident disrupted trading in the first quarter, sales in the second quarter are expected to be around 9% higher than the second quarter of 2022.

Outlook

There has been no change in the Board's expectations for the full year, with organic revenue growth expected to be 2-4%.

Pete Raby, Chief Executive Officer, said:

"The business is well positioned. Our planned investment in new capacity, 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".

For further enquiries:

Pete Raby, CEO Morgan Advanced Materials plc 01753 837000

Richard Armitage, CFO

Nina Coad Brunswick 0207 404 5959