Revenue Grows Nearly 8% for Morgan Advanced Materials in 2018 First Half
Revenue increased 7.8% for Morgan Advanced Materials in the 2018 first half, reaching £521.8 million (approximately $679.3 million).
Morgan Advanced Materials recently announced its financial results for the first half of 2018. Revenue increased 7.8% to reach £521.8 million (approximately $679.3 million) in the 2018 first half, while the group saw headline operating profit growth of 12.4% on an organic constant currency basis. Organic volume growth was reportedly offset by foreign exchange, dilutive impacts of the 2017 divestments, and some adverse mix in Thermal and Technical Ceramics.
“We have made good progress with the implementation of our strategy in the first half, and we expect to complete our execution priorities to plan during the year,” said Pete Raby, CEO. “Trading conditions have been good in the first half of the year in most of our markets. The group has continued to grow organically, reflecting these end market conditions and share wins driven by our strategy implementation. As we progress through the year, we expect the growth rate will moderate slightly as we track against a tougher prior year comparator period.
“We are ahead of our plan to drive operational efficiency across the business, and these savings funded investment in research and development and sales effectiveness in the first half as planned. Our expectations for the full-year are now slightly higher than previously anticipated.”
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