Morgan Advanced Materials PLC has released its Q1 trading update, reporting a 12.0% increase in sales for the first three months of 2024 on an organic constant currency basis compared to the same period last year. This growth follows the impact of a cyber incident in the previous year. Despite weaker economic conditions, the company maintains an unchanged outlook for full-year constant currency revenue growth. The Board's expectations for full-year performance also remain steady, with a slight weighting towards the second half as additional capacity from recent investments comes online.
Pete Raby, Chief Executive Officer, expressed confidence in the company's position, stating, "The business is well positioned with leading market positions, and performing solidly." Raby highlighted ongoing investments in new capacity, highly differentiated products, and technologies to support Faster Growing Markets, positioning the company to benefit from substantial growth opportunities in these markets.
For further information, individuals can contact Pete Raby, CEO, or Richard Armitage, CFO, at Morgan Advanced Materials PLC.