Morgan Advanced Materials half year profits fall following cyber breach
Profits at manufacturing firm Morgan Advanced Materials have fallen following a cyber incident, the company told investors last week.
Updating the London Stock Exchange on Friday (August 4) the Windsor, Berkshire-headquartered carbon and ceramic metals manufacturer, which has sites in Stourport-on-Severn and Redditch in Worcestershire and Rugby in Warwickshire said the cyber attack had impacted sales, profitability and cash but stressed its "recovery is well progressed".
Read more: Morgan Advanced Materials says it is 'well positioned' in first half trading update
"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," reported CEO Pete Raby.
"The cyber event we experienced at the start of the year has impacted sales, profitability and cash in the short term.
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"Our recovery is well progressed and we have used this as an opportunity to accelerate investment in our IT infrastructure across the group."
Revenue in the firm's first half ended June 30 was £553.9 million, up 4.5 per cent from £530.2 million. But pretax profit was down 37 per cent to £28.4 million, from £65.7 million, due to the cyber incident in January, which cost £11.2 million.
