Morgan Advanced Materials plc (LSE:MGAM), the manufacturer of advanced carbon and ceramic materials, has raised its revenue and profit guidance for 2022 following “robust” growth so far this year.
In the nine months to 30 September 2022, sales rose 10.5% at constant currencies, including growth of 10.7% in Thermal Ceramics, 17.4% in Molten Metal Systems, 7.2% in Electrical Carbon, 6.9% in Seals and Bearings and 13% in Technical Ceramics, the FTSE 250-listed company revealed in a trading update.
The company said it saw a slight slowdown in growth in the third quarter, but still increased its full-year revenue forecast to growth in the range of 7%-9%.
Adjusted operating profit for 2022 is expected to come in marginally above the top end of current analysts' forecasts, it added.
"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," commented Morgan Advanced's chief executive officer Pete Raby in the statement.
Shares in the company jumped 12.14% to 272.50p in opening trade.