8th May 2025 12:14
(Alliance News) - Morgan Advanced Materials PLC on Thursday in a statement ahead of its annual general meeting reported a decline in sales during the first quarter of 2025, as a result of wider economic uncertainty.
The Windsor, England-based manufacturer of carbon and ceramic materials said sales in the three months that ended March 31 were 3.5% lower than the year before on an organic constant currency basis.
The firm notes that, due to its predominantly localised manufacturing footprint, the direct impact of US tariffs is expected to be "relatively small".
Meanwhile, its simplification programme remains on track to deliver GBP16 million in incremental savings in 2025, which Morgan Advanced said will position it well to benefit from margin expansion as markets recover.
Morgan Advanced is due to release its interim results for the six months ending June 30 on August 7.
"Whilst the global economy is facing uncertainty in the short term, we remain confident in our strategy, and in the longer-term outlook for our products," said Chief Executive Officer Pete Raby.
"Our decentralised organisation, cost management and strong balance sheet will provide us with the flexibility to navigate through this difficult period and deliver earnings growth with improving demand."
Shares in Morgan Advanced Materials were up 3.4% at 202.00 pence each in London on Thursday around midday. The stock remains down 37% over the past year, however.
By Emily Parsons, Alliance News reporter
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