Morgan Advanced Materials 1H Profit Rose; Sees 2022 ted Operating Profit at Top End of Views

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By Kyle Morris

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Morgan Advanced Materials PLC said Friday that first-half revenue and pretax profit increased on organic growth and that it now sees adjusted operating profit for 2022 around the top end of current analysts’ forecasts.

The London-listed supplier of ceramic, carbon and composite products said pretax profit for the six months was 65.7 million pounds ($80 million) compared with GBP56.2 million the same month a year earlier.

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Revenue for the period was GBP530.2 million compared with GBP461.2 million a year earlier.

The board declared an interim dividend of 5.3 pence a share, up from 3.2 pence a year earlier.

Pricing and improvement of efficiencies continue to more than offset inflation, the company said.

Current analysts’ forecasts for 2022 adjusted operating profit is at a range of GBP132.9 million to GBP139.2 million, according to a consensus provided by the company.

Write to Kyle Morris at [email protected]

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Credit: www.marketwatch.com /

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