Morgan Advanced Materials highlights sales growth and lifts full year guidance

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Morgan Advanced Materials PLC (LON:MGAM) has highlighted a good performance in the year to date and reported positive order trends.


The company, in a statement, told investors that sales in the first four months of 2021 were 2.5% higher than the same period last year, on a constant currency basis.


It is now raising its sales guidance for the full year, with a new projected range between 5% and 8% growth on 2020, assuming no significant COVID related operating restrictions.


Morgan noted that over the four month period its thermal products division saw sales up 3.7% on last year, driven by growth in molten metal systems and thermal ceramics. At the same time sales in the carbon and technical ceramics division were 1.7% higher pushed on by electrical carbon and technical ceramics which offset a decline in seals & bearings.


The company also noted that its order run rate (average daily order intake) is presently ahead of the comparative figure for this time last year.


“We are pleased with the momentum and return to organic sales growth, driving an upgrade in our guidance for the full year,” said Pete Raby, Morgan chief executive.


“This, together with the benefits from our restructuring actions, is expected to deliver improved profitability for the year.”

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