Building distinctive competencies
We have a strategic framework that connects our purpose with our strategy, our distinctive competencies and our Morgan Code.
Our strategy builds on our strengths and focuses the Group on scalable businesses in attractive markets, and on the development of our three core capabilities.
- Materials science
We are an acknowledged leader in materials science for our chosen technology families.
- Application engineering
We have built an understanding of the application of our materials science in our customers’ products and processes, in order to provide maximum benefit through advanced application engineering.
- Customer focus
Our success comes from aligning everything we do to focus on the customer.
We serve markets that are growing and where we have room to grow, and where our customers value our differentiated products and services.
To support our efforts in bringing together the parts of our strategy and to achieve our environmental, social and governance (ESG) goals we have three execution priorities.
Big positive difference - making sure we govern our business the right way, looking after the environment, looking after our people and operating to high ethical standards. This priority supports our focus on living and breathing our commitments on inclusion, treating people fairly, reducing waste, managing our water consumption, and reducing emissions.
Delight the customer - following on from our foundational work on sales effectiveness, we are working to shape our product and service offerings further based on customer needs, with the overall objective of making our business more customer-centric.
Innovate to grow - many of our customers have an increasing need to reduce their energy consumption and CO2e emissions, these customers need our help. This priority supports our focus on working with the customer to innovate in traditional heavy industries whilst also contributing to greener technologies for the future.
These execution priorities are helping us to deliver our strategy.
We want to accelerate our growth, by winning in our core markets and increasing our exposure to four faster growing market segments: clean energy, clean transportation, semiconductors and healthcare.
We have been focusing our product development and business development efforts in these markets over the last several years to develop new and differentiated products that solve complex problems for our customers.
- Clean energy. Growth in energy storage, brushes and slip rings for onshore wind applications and ceramic and carbon products used in solar panel manufacture.
- Clean transportation. Growth in our rail collector business for metro and main rail applications, and in water and vacuum pump components for electric vehicle applications.
- Growth from carbon and ceramic consumable supply into key semiconductor process steps including crystal growth, deposition, lithography and etch.
- Growth from medical imaging and supply of low temperature insulation for medicine and vaccine transport and storage.
During 2022, organic constant-currency revenue growth in these segments was 11.7%, which represented 19.6% of our revenue overall.