Morgan Advanced Materials
Half year 2026 financial results
We issued our 2026 half year financial results to the market today.
“We are confident in our roadmap to deliver our 12% margin target in 2028 and achieve our financial framework.”
Damien Caby
CEO
H1 2026 financial highlights:
- Revenue: £518.1m
- Group adjusted operating profit1: £57.8m
- Adjusted EPS1: 10.7p
1. Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measures can be found in the ‘Glossary’ and ‘Alternative performance measures’ section at the end of this announcement. Throughout this report these non-GAAP measures are clearly identified by an asterisk (*) where they appear in text and by a footnote where they appear in tables.
Strategic and operational highlights
- Transforming operational effectiveness
- Two major site turnarounds now underway; early progress against agreed operational milestones
- Group‑led procurement initiative gaining traction; first savings in H2 2026, as planned
- ERP roll-out progressing to plan; 13 sites now live
- Driving stronger growth
- Focused teams established to accelerate growth in priority markets where we are well positioned to win
- Strategy to deepen engagement with OEMs delivering initial share gains in Energy and Rail
- Maximising our portfolio
- Strategic review of options for Thermal Products division progressing well; further update to be provided in due course
Outlook
Mindful of the current geopolitical and macroeconomic environment, particularly within European Industrial markets, we expect organic constant-currency* revenue growth of around 2% for the full-year. Noting a foreign exchange headwind, we expect an adjusted operating profit* margin for the second half broadly in-line with that of the first, excluding the phasing benefit from the take-or-pay agreement.