Morgan Advanced Materials
We are a global leader in advanced materials.
We combine material science, deep application expertise and process excellence to co-design and manufacture mission critical solutions. These solutions are at the heart of society’s most essential systems today and they will enable the breakthroughs of tomorrow. Our products help people move, build and thrive. We help power human progress, where it matters most.
We are pleased to publish our 2025 Annual Report, which provides a comprehensive overview of our financial and non-financial performance, our progress against strategic priorities, and how our purpose continues to guide our business.
Chairman’s statement - Ian Marchant
2025 was a year of significant transition, marked by changes in executive leadership and an evolution of our strategy focused on stability, growth and unlocking long‑term potential. Despite challenging market conditions, including a weaker semiconductor sector and softer European industrial demand, we delivered progress in business simplification, operational efficiency and sustainability performance. The Board also oversaw the successful disposal of the Molten Metal Systems (MMS) business and initiated a strategic review of the Thermal Products division.
Revenue*: £1.0bn
Adjusted operating profit*: £99.1m
Total employees: 8,100
CEO’s review - Damien Caby
Following his appointment in July 2025, CEO Damien Caby led a comprehensive review of the business and introduced a refreshed strategy designed to return the Group to a 12% margin by 2028. Operationally, we strengthened supply chain effectiveness, advanced our global ERP deployment, consolidated sites, and drove early progress in selected growth value chains. Customer engagement remained strong, with continued innovation across Aerospace & Defence, Technical Ceramics and Performance Carbon applications.
Investor summary
We enter 2026 with renewed strategic momentum, improved operational resilience and a strong platform for long term value creation. Despite a challenging macro-economic backdrop, we delivered a resilient financial performance in 2025 and accelerated the transformation underpinning our future growth.
Headline revenue reached £1.03bn, with £99.1m in headline adjusted operating profit and £45.4m in free cash flow, reflecting disciplined working capital management and continued simplification. We have strengthened our balance sheet through the £76.2m sale of Molten Metal Systems, reducing organisational complexity and enabling future reinvestment. Leverage remains controlled at 1.8x EBITDA, with clear visibility to reaching the target range during 2026.
Our end market exposure continues to be one of our greatest strategic strengths. High growth sectors including aerospace & defence, energy transition, electrification and semiconductor wafer fabrication, made up a significant portion of 2025 revenues. These are expected to outpace global GDP growth for the foreseeable future. Our Technical Ceramics and Performance Carbon divisions are positioned to capture rising demand for higher temperature, greater efficiency materials across next generation aircraft, clean energy systems and digital infrastructure.
Our strategic framework ‘transform, drive, maximise’, is already delivering early results. Efficiencies, site consolidation, and procurement benefits will expand margins as volumes recover. Transformation initiatives, including the Group wide ERP rollout, supply chain effectiveness programmes and large site turnarounds, are essential enablers of our ambition to return to 12% operating margins by 2028, with a sustainable 12–14% margin corridor beyond.
Sustainability performance remains a meaningful differentiator. We have reduced Scope 1 and 2 emissions by 58% and achieved 80% renewable/nuclear electricity usage, ahead of science based targets. Water usage, energy intensity and waste reduction programmes continue to outperform expectations. These achievements not only mitigate risk but also provide a competitive advantage in markets that increasingly value low carbon materials and responsible manufacturing.
With a high quality portfolio, leadership in advanced materials and strong structural tailwinds, we offer an attractive investment proposition grounded in long term resilience and strategic execution.
Our strategy and performance
1. Transform operational effectiveness
· Streamlining management structures and consolidating sites
· Enhancing supply chain performance
· Deploying a global ERP system to drive consistency, insight and efficiency
· Advancing digital transformation across all operations
2. Drive stronger growth
· Upgrading our position in selected value chains to grow irrespective of market cycles
· Investing in capacity for high‑growth markets such as aerospace, defence and semiconductor equipment
· Strengthening customer collaboration to expand scope and application of our solutions
3. Maximise portfolio value
· Active management of the portfolio through divestments, partnerships and targeted M&A
· Completion of the MMS disposal for £76.2m
· Formal strategic review of the Thermal Products division
