Morgan Advanced Materials plc (LSE:MGAM) said the cyber attack it reported last month will cost it between £8mln-£12mln directly, with a greater additional knock-on to trading this year.
Estimates for the direct cost include specialist professional fees and systems recovery, but the industrial ceramics group added the trading impact would reduce 2023’s profits by a further 10-15%.
Some sites were slow to restart production after the hack, it said, while delays to shipping and general inefficiency after the attack will take time to work through.
All manufacturing sites are now operational, it added, though some are still using manual transactions while several systems have proved irrecoverable.
The FTSE 250 group detected unauthorised activity on its network in January and took what it described as an immediate response to contain the incident.
Several companies have reported hacking attacks in recent weeks, notably JD Sports, the Guardian newspaper, and Royal Mail, all of which have caused huge disruptions and millions in lost business.
Details of the attacks have been vague, often involving a ransom demand to restore or free systems under attack.
Whether any of the companies targeted have paid ransoms has not been stated and Morgan Advanced made no reference to that possibility today.
Morgan did reiterate that trading in the year just ended, 2022, had been ahead of expectations with underlying profits above £145mln, which was the top end of previous forecasts.
Revenues for the year would be around £1.1bn, representing growth of 16% or 11% at constant currency while net debt at the year-end was £149mln.
Shares fell 8% to 290p.