Morgan Advanced Materials Regulatory News (MGAM)

Press Release

Morgan Advanced Materials plc

5 November 2021

Trading update

Current trading

Sales for the first nine months of the year to September 2021 were 8.9% higher for the Group, on an organic constant-currency basis, compared to the same period last year.

By business, the organic constant-currency trends for the nine months to September 2021 compared to the same period last year were as follows:

- Thermal Products division sales were 9.9% higher, with growth in Molten Metal Systems and Thermal Ceramics.

- Carbon & Technical Ceramics division sales were 8.1% higher, with growth in Electrical Carbon and Technical Ceramics offsetting a decline in Seals & Bearings.

Outlook

With the continuation of the good performance seen so far this year we expect our full year organic constant-currency growth to be around the top end of our previous guidance range of 7-9%. Operating margins are expected to improve driven by volume leverage, the benefit of our restructuring programme announced last year, and our continuous improvement activities and pricing actions that continue to offset cost inflation.

Pete Raby, Chief Executive Officer, said:

 "The work we have done building our capabilities over the last four years has positioned us well, allowing us to deliver strong organic growth and expand our margins despite some of the supply chain challenges as the global economy recovers."

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