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.
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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.
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