The Business Magazine - B2B Business News - Site Logo
The Business Magazine March 2024
Read now
PICK YOUR EDITION

Revenues hold as Morgan Advanced Materials looks to stronger 2024

13 March 2024
Share
The Business Magazine article image for: Revenues hold as Morgan Advanced Materials looks to stronger 2024

Berkshire-based Morgan Advanced Materials has shared full-year results for the year ended 31st December 2023 as executives prepare to embark on a simplification of the group.

Revenues have remained almost flat at £1.1 billion, though profits fell 20 per cent from the previous year to £120.3 million.

This was due in part to a costly cyber attack in January followed by weak market conditions in H2.

Nonetheless, the firm expects its restructuring plan to deliver initial cost benefits in 2024, while investments in its semiconductor capacity and IT infrastructure will set the stage for growth in the medium term – despite an anticipated foreign exchange headwind.

Read the March 2024 issue of The Business Magazine, including our feature on skills

Group CEO Pete Raby said: “Our product differentiation and successful business model have enabled us to deliver solid revenue growth in both our core and faster growing markets, despite the impact of the cybersecurity incident and weaker market conditions.

“We’ve substantially completed our recovery from the cybersecurity incident, with our profitability and cash performance in line with our financial framework in the second half.

“I want to thank all our employees for their hard work in achieving this result.”

Headquartered in Windsor, the group also operates two sites in Worcestershire – Redditch and Stourport-on-Severn.

Read more - Manufacturing M&A activity drops in 2023 but deal appetite remains robust


Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL.

Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience.

Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.

Related articles

Upcoming events

view more
01
May

South Coast Property Forum: Networking Lunch

Ennios Ristorante
Southampton
More info
23
May

Thames Valley Tech Forum: Networking Drinks

Malmaison Hotel
Reading, RG1 1JX
More info
06
Jun

South Coast Property Awards 2024

Hilton Southampton
Utilita Bowl
More info
12
Jun

Leadership Roundtable: Developing strategies for financial returns over the next decade

Herrington Carmichael, Farnborough Aerospace Centre, GU14 6XR

More info
18
Jul

Thames Valley Tech & Innovation Awards 2024

Reading FC Conference & Events
Select Car Leasing Stadium, Reading
More info
26
Sep

Thames Valley Property Awards 2024

Ascot Pavilion
Ascot Racecourse
More info
03
Oct

South Coast Tech & Innovation Awards 2024

Hilton Southampton
Utilita Bowl
More info
07
Nov

Thames Valley Deals Awards 2024

Reading FC Conference & Events
Select Car Leasing Stadium, Reading
More info
21
Nov

Hampshire Business Awards 2024

Farnborough International
Exhibition & Conference Centre
More info

Related articles