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Morgan Advanced Materials half year profit falls due to cyber incident

4th Aug 2023 08:10

(Alliance News) - Morgan Advanced Materials PLC on Friday reported a half year revenue boost but a fall in profit related to a cyber incident.

Windsor, England-based carbon and ceramic metals manufacturer revenue in its first half ended June 30 was GBP553.9 million, up 4.5% from GBP530.2 million.

Pretax profit was down 37% to GBP28.4 million, from GBP65.7 million, due to a cyber incident in January that cost GBP11.2 million.

Chief Executive Officer Pete Raby said: "We have delivered revenue growth in the first half in line with our expectations and continue to see the benefits of our leading differentiated positions in attractive growth markets.

"As previously announced, the cyber event we experienced at the start of the year has impacted sales, profitability and cash in the short term."

Net debt was GBP208.5 million, almost tripled from GBP76.3 million.

Morgan Advanced Materials declared an interim dividend of 5.3 pence per share, unchanged from the year before.

Morgan Advanced Materials said its outlook for full-year revenue growth remains unchanged at 2.0% to 4.0%, with adjusted operating profit recovering in the second half of the year.

"Customer demand remains robust. We continue to see inflation across the business and have more than offset that through pricing measures," said Morgan Advanced Materials.

Shares in Morgan Advanced Materials were down 1.3% at 268.00 pence in London on Friday morning.

By Will Neill, Alliance News reporter

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