Morgan Advanced Materials revenue rises in first quarter

9th May 2024 08:18

(Sharecast News) - Morgan Advanced Materials said in an update on Thursday that in the first three months of the year, it saw a notable increase in sales, with a 12% rise on an organic constant currency basis compared to the same period last year.

The FTSE 250 firm noted that the prior year's comparator was affected by a cybersecurity incident.

Despite prevailing weaker economic conditions, the company maintained an unchanged outlook for full-year constant currency revenue growth.

The board said it was confident in the company's performance for the entirety of the year, anticipating a slight skew towards the second half.

That aligned with the anticipated impact of recent investments, which were expected to enhance capacity and contribute to overall performance.

"The business is well positioned with leading market positions, and performing solidly," said chief executive officer Pete Raby.

"Our investment in new capacity, highly differentiated products and technologies to support our faster growing markets is continuing at pace and we are well placed to benefit from the substantial growth opportunities that these markets present."

At 1010 BST, shares in Morgan Advanced Materials were down 0.62% at 320p.

Reporting by Josh White for Sharecast.com.