Morgan Advanced Materials

Balance Sheet Half Year 2025

For half year ended 30 June 2025

		As at 30 June 2025	As at 30 June 2024	As at 31 December 2024
	Note	£m	£m	£m
Assets
Property, plant and equipment	8	342.7	311.6	344.9
Right-of-use assets		34.3	33.0	32.5
Intangible assets: goodwill	9	170.6	177.2	176.9
Intangible assets: other	9	3.2	3.8	3.0
Investments		0.5	1.0	2.0
Trade and other receivables		2.9	2.0	3.6
Employee benefits: pensions	12	12.0	17.9	13.0
Deferred tax assets		19.2	17.2	21.4
Total non-current assets		585.4	563.7	597.3
Inventories		158.9	182.2	165.9
Derivative financial assets	11	3.3	0.3	1.2
Trade and other receivables		186.0	208.2	189.6
Current tax receivable		2.2	1.3	2.3
Cash and cash equivalents	10	84.6	116.6	120.8
Total current assets		435.0	508.6	479.8
Total assets		1,020.4	1,072.3	1,077.1
Liabilities
Borrowings	10	333.5	337.3	337.7
Lease liabilities		36.2	39.3	36.1
Employee benefits: pensions	12	34.0	35.9	34.5
Provisions	13	10.5	10.5	10.9
Non-trade payables		2.5	2.4	2.8
Deferred tax liabilities		1.8	2.4	2.7
Total non-current liabilities		418.5	427.8	424.7
Borrowings and bank overdrafts	10	0.2	1.6	9.3
Lease liabilities		11.2	8.9	11.0
Trade and other payables		203.8	187.2	204.1
Current tax payable		25.1	24.7	26.6
Provisions	13	7.9	9.0	9.5
Derivative financial liabilities	11	1.5	0.8	2.6
Total current liabilities		249.7	232.2	263.1
Total liabilities		668.2	660.0	687.8
Total net assets		352.2	412.3	389.3
Equity
Share capital		69.9	71.3	70.9
Share premium		111.7	111.7	111.7
Reserves		(29.7)	0.5	(8.2)
Retained earnings		164.8	191.2	179.3
Total equity attributable to shareholders of the Company		316.7	374.7	353.7
Non-controlling interests		35.5	37.6	35.6
Total equity		352.2	412.3	389.3

1. In the published results for the period ended 30 June 2024, the pension assets were presented net within pension liabilities. The figures for the period ended 30 June 2024 above have been re-presented to show the pension assets within non-current assets and a corresponding increase to the pension liabilities. There is no impact to net profit, net assets or cash flows.

See our full Financial Highlights to learn more, or view our Cash Flow and Income Statement to see our latest performance.