London · Delayed Price · Currency is GBP · Price in GBX Morgan Advanced Materials Earnings Call Transcripts
Fiscal Year 2025
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Resilient 2025 results with revenue of £1.03bn, margin at 9.6%, and strong cash flow. Strategic review of Thermal Products and portfolio optimization underway, with 2026 guidance for 1%-2% revenue growth and margin recovery to 10%.
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A multi-year strategy targets 12% margins by 2028 through operational transformation, strategic customer collaborations, and active portfolio management. Each division has clear mandates, with financial discipline focused on organic investment, digitalization, and shareholder returns.
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Revenue declined 5.8% year-on-year amid challenging semiconductor markets, but margins remained resilient due to pricing and cost actions. Simplification and CapEx programs are nearing completion, with cautious guidance for H2 and 2026 as market stabilization continues.
Fiscal Year 2024
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Revenue grew 3.7% to GBP 1.1 billion, with strong performance in clean energy and healthcare, but semiconductor and industrial markets weakened in H2. Restructuring was accelerated, margins improved, and a share buyback is ongoing, with 2025 revenues expected to decline mid-single digit.
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Organic revenue grew 8.2% in H1 2024, with strong gains in semiconductors, healthcare, and clean energy. Margins held at 12.5%, and EPS rose 48% year-over-year, aided by recovery from last year’s cyber incident. Cautious outlook for industrial markets persists.