Morgan Advanced Materials Regulatory News (MGAM)

Press Release

Morgan Advanced Materials plc

5 May 2022

Q1 trading update

Current trading

Sales for the first three months of the year to March 2022 were 10.9% higher for the Group, on an organic constant-currency basis, compared to the same period last year.

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

Outlook

We have seen a strong start to the year, supporting our guidance for full year organic revenue growth of 4-7% in 2022. We expect a moderation of growth rates as we progress through the year, reflecting challenges in the wider economy.

We will see higher inflation in 2022 and expect higher pricing and continuous improvement to offset this. We expect our margins to expand further reflecting the drop-through on our organic growth and the remaining full-year benefits from our restructuring programme.

Pete Raby, Chief Executive Officer, said:

 "With our continuing investments in new products and new technologies, we plan to increase further our exposure to our faster growing segments (clean energy, clean transportation, semiconductors and healthcare), and to continue to win in our core markets."

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