Morgan Advanced Materials plc (MGAM.L), on Tuesday, reported FY23 profit before taxation of £77.8 million compared to £131.6 million last year.
On a per share basis, earnings totaled 16.6p versus 31.0p earned a year ago. Adjusted earnings decreased 26% to 25.0p per share from 33.8p per share the previous year.
Operating profit declined to £91.9 million from £140.8 million last year. Group adjusted operating profit amounted to £120.3 million, lower than the prior year's £151.0 million.
Meanwhile, revenue for the year 2023 improved 0.2% to £1.115 billion from £1.112 billion in the year 2022.
Chief Executive Officer, Pete Raby said, "Our product differentiation and successful business model have enabled us to deliver solid revenue growth in both our Core and Faster Growing markets, despite the impact of the cyber security incident in the first half and weaker market conditions in the second. We have substantially completed our recovery from the cyber security incident, with our profitability and cash performance in line with our financial framework in the second half."
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