Source: Sharecast
Morgan Advanced said reported revenue rose 3.1% to £518.1m, while adjusted operating profits increased 5.5% to £57.8m, giving a margin of 11.2%, up 30bps year-on-year. Adjusted earnings per share rose 8.1% to 10.7p.
Statutory operating profits, on the other hand, slipped 6% to £39.1m, with statutory EPS down 19.6%.
Free cash flow was £3.5m, down from £4.6m, while an £8.9m phasing impact supported net debt, which stood at 2.0x underlying earnings, reflecting recent investment in capacity, simplification and ERP systems.
Operationally, Morgan Advanced said two major site turnarounds were progressing against milestones, procurement initiatives were gaining traction ahead of first savings in H2, and ERP rollout had reached 13 sites. Growth initiatives were being targeted at priority markets, with early share gains reported in energy and rail.
Morgan Advanced expects full‑year organic constant‑currency revenue growth of around 2%, mindful of macro and geopolitical pressures in European industrial markets. Adjusted operating margins in H2 were expected to be broadly in line with H1, excluding the semiconductor phasing benefit. It also reiterated confidence in its roadmap to deliver a 12% margin in 2028 and meet its medium‑term financial framework.
As of 1030 BST, Morgan Advanced shares were up 0.63% at 241.50p.
Reporting by Iain Gilbert at Sharecast.com
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