Morgan Advanced Materials Income Statement

Financials in millions GBP. Fiscal year is January - December.

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	996.6	1,060	1,115	1,112	950.5
Revenue Growth (YoY)	-5.99%	-4.90%	0.23%	17.00%	4.37%
Cost of Revenue	909.6	936.3	994.4	960.2	818
Gross Profit	87	123.8	120.3	151.9	132.5
Selling, General & Admin	0.8	1.1	-	1.9	1.9
Amortization of Goodwill & Intangibles	1	1.7	3.3	4.7	6
Operating Expenses	1.8	2.8	3.3	6.6	7.9
Operating Income	85.2	121	117	145.3	124.6
Interest Expense	-24.7	-21	-18	-9.4	-8.4
Interest & Investment Income	2.9	2.6	3.9	1.6	0.8
Earnings From Equity Investments	-	-	-	-	0.4
EBT Excluding Unusual Items	63.4	102.6	102.9	137.5	117.4
Merger & Restructuring Charges	-13.4	-12.4	-5.4	-0.3	-0.7
Asset Writedown	-15.6	-4.2	0.8	-5.6	-12.4
Other Unusual Items	-11.4	-5.8	-20.5	-	-
Pretax Income	23	80.2	77.8	131.6	104.3
Income Tax Expense	17.9	24.7	22.2	36	28.2
Earnings From Continuing Operations	5.1	55.5	55.6	95.6	76.1
Earnings From Discontinued Operations	23.7	3.3	0.7	1.1	5.7
Net Income to Company	28.8	58.8	56.3	96.7	81.8
Minority Interest in Earnings	-7.7	-8.5	-9	-8.7	-8
Net Income	21.1	50.3	47.3	88	73.8
Net Income to Common	21.1	50.3	47.3	88	73.8
Net Income Growth	-58.05%	6.34%	-46.25%	19.24%	-
Shares Outstanding (Basic)	280	285	285	284	285
Shares Outstanding (Diluted)	280	287	287	287	287
Shares Change (YoY)	-2.68%	-	0.17%	-0.07%	0.32%
EPS (Basic)	0.08	0.18	0.17	0.31	0.26
EPS (Diluted)	0.08	0.18	0.17	0.31	0.26
EPS Growth	-57.00%	6.08%	-46.08%	19.46%	-
Free Cash Flow	50.7	17.2	18.1	-39	73.8
Free Cash Flow Per Share	0.18	0.06	0.06	-0.14	0.26
Dividend Per Share	0.122	0.122	0.120	0.120	0.091
Dividend Growth	-	1.67%	-	31.87%	65.45%
Gross Margin	8.73%	11.68%	10.79%	13.66%	13.94%
Operating Margin	8.55%	11.41%	10.50%	13.06%	13.11%
Profit Margin	2.12%	4.75%	4.24%	7.91%	7.76%
Free Cash Flow Margin	5.09%	1.62%	1.62%	-3.51%	7.76%
EBITDA	119.2	155.6	149.4	176.4	155.8
EBITDA Margin	11.96%	14.68%	13.40%	15.86%	16.39%
D&A For EBITDA	34	34.6	32.4	31.1	31.2
EBIT	85.2	121	117	145.3	124.6
EBIT Margin	8.55%	11.41%	10.50%	13.06%	13.11%
Effective Tax Rate	77.83%	30.80%	28.54%	27.36%	27.04%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.