Morgan Advanced Materials lifts annual guidance

4th Nov 2022 07:37

(Sharecast News) - Shares in Morgan Advanced Materials surged on Friday as the carbon and ceramic metals manufacturer lifted profit and revenue guidance as sales for the first nine months of the year rose 10.5%.

The company said it now expected full year organic constant-currency growth to be in the range 7-9%, above previous guidance, and adjusted operating profit to be marginally above the top end of current analysts' forecasts.

"We are delivering robust revenue growth, despite the challenging environment, and improving profitability, with inflation continuing to be more than offset by pricing and continuous improvement activity," said chief executive Peter Raby.

Reporting by Frank Prenesti for Sharecast.com