AGM Trading Update

Press Release

Morgan Advanced Materials plc

8 May 2025

AGM Trading Update

Morgan Advanced Materials plc, the global manufacturer of advanced carbon and ceramic materials for complex and technologically demanding applications, announces a trading update in advance of its 2025 Annual General Meeting being held later today.

Current Trading

As expected, sales for the first three months of the year to 31 March 2025 were 3.5% lower for the Group on an organic constant currency basis, compared to the same period last year.

Outlook

We continue to monitor and adapt our business to the recent introduction of new trade tariffs. With our predominantly localised manufacturing footprint the unmitigated direct impact of current tariffs is expected to be relatively small. We expect to be able to mitigate much of this such that we do not expect a material net impact for the full year, albeit that any broader economic impact remains uncertain.

Our simplification programme remains on track to deliver £16m of incremental savings in 2025. It will lead to a leaner manufacturing footprint, whilst retaining the benefit of localisation, positioning us well to benefit from margin expansion as markets recover.

The interim results for the six months ending 30 June 2025 are due for release on Thursday 7 August 2025.

Pete Raby, Chief Executive Officer, said:

"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. 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."

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