Morgan Advanced Materials YTD sales grow despite impact of 'cyber incident'

(Sharecast News) - Carbon and ceramic materials manufacturer Morgan Advanced Materials said on Thursday that year-to-date sales had risen as it continued to recover from a "cyber incident" experienced earlier in the year. Morgan Advanced Materials said sales for the nine months to 30 September were 2.4% higher year-on-year on an organic constant-currency basis, with thermal ceramics sales of 0.9%, electrical carbon sales were 6.5% higher, and technical ceramics sales growing 7.7%.

Molten metal sales, on the other hand, were down 7.2%, while seals and bearings sales were 5.4% lower year-on-year, influenced in part by the phasing of armour orders.

The London-listed group highlighted that its recovery from a cyber incident experienced at the start of the year has "progressed as planned".

Looking forward, Morgan Advanced Materials said its outlook for full-year organic revenue growth was unchanged at 2-4%, as it continued to benefit from "strong growth" in its semiconductor, healthcare, and aerospace end-markets, offsetting weakness in European and China industrial markets.

Chief executive Pete Baby said: "Our business is growing as anticipated, benefitting from our leading, differentiated positions in selected markets and despite the challenging environment, with inflation continuing to be more than offset by pricing.

"Our board remains committed to our financial framework. Investment in capacity for our faster-growing segments is accelerating, and we continue to investigate inorganic investments as well as consider opportunities for enhanced returns to shareholders."

As of 1045 GMT, Morgan Advanced Materials shares were up 3.0% at 240.0p.





Reporting by Iain Gilbert at Sharecast.com