Morgan Advanced Materials PLC has released its half-year results for the period ending 30 June 2024. The company reported a revenue of £572.6 million, showing a 3.4% increase from the previous year. The group's adjusted operating profit saw a significant rise of 42.6%, reaching £71.3 million. The adjusted EPS also grew by 48.5% to 14.7p. The company's return on invested capital stood at 19.7%, at the higher end of its financial framework range.
The group highlighted organic constant-currency revenue growth of 8.2%, with 14.9% from faster-growing markets. The adjusted operating profit margin was reported at 12.5%, in line with the company's financial framework. The CEO, Pete Raby, expressed satisfaction with the company's successful strategy implementation and thanked the employees for their commitment and support.
Looking ahead, the company is cautious about demand in some end-markets but expects constant-currency full-year revenue growth to be towards the top end of its financial framework at 4-7%. The company also provided an update on its business simplification, outlining the restructuring plan expected to deliver £10 million of annualized savings by 2025.
Morgan Advanced Materials PLC's purpose is to use advanced materials to make the world more sustainable and improve the quality of life. The company's products are designed to support medical diagnostics, ensure safety, save energy, and contribute to various sustainable initiatives, such as wind turbines, power generators, and solar panels.
In conclusion, the company's half-year results reflect positive growth and a strong financial position, with a focus on sustainability and innovation in advanced materials.