Morgan Advanced Materials

MGAM · Main Market · Industrial Goods and Services · mcap £802m · 288.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 06 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £796.1m
Owner’s net cash: −£253.1m
Net cash / market cap: -32%
EV ex leases: £1,084m
Revenue: £1,012m
Operating profit: £42.7m
Free cash flow after leases: £40.1m
EV / EBIT: 25.4×
FCF yield: 5.0%
Price / tangible book: 4.30×
ROCE: 6%
Net income (owners): £18.4m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 06 Aug 26 · read the results ↗

Source ↗

	Unaudited six months ended 30 June 2026 Results before specific adjusting items £m	Unaudited six months ended 30 June 2026 Specific adjusting items 1 £m	Unaudited six months ended 30 June 2026 Total £m	Restated unaudited six months ended 30 June 2025 3 Results before specific adjusting items £m	Restated unaudited six months ended 30 June 2025 3 Specific adjusting items 1 £m	Restated unaudited six months ended 30 June 2025 3 Total £m
Revenue	518.1	-	518.1	502.5	-	502.5
Operating costs before amortisation of intangible assets	(460.3)	(18.4)	(478.7)	(447.7)	(12.7)	(460.4)
Profit from operations before amortisation of intangible assets	57.8	(18.4)	39.4	54.8	(12.7)	42.1
Amortisation of intangible assets	(0.3)	-	(0.3)	(0.5)	-	(0.5)
Operating profit	57.5	(18.4)	39.1	54.3	(12.7)	41.6
Finance income	1.1	-	1.1	1.7	-	1.7
Finance expense	(12.7)	-	(12.7)	(12.5)	-	(12.5)
Net financing costs	(11.6)	-	(11.6)	(10.8)	-	(10.8)
Profit before taxation	45.9	(18.4)	27.5	43.5	(12.7)	30.8
Income tax expense	(13.1)	1.7	(11.4)	(12.0)	1.2	(10.8)
Profit from continuing operations	32.8	(16.7)	16.1	31.5	(11.5)	20.0
Profit/(loss) from discontinued operations	-	-	-	2.4	(3.3)	(0.9)
Profit for the period	32.8	(16.7)	16.1	33.9	(14.8)	19.1
Profit for the period attributable to
Shareholders of the Company	29.0	(16.7)	12.3	29.8	(14.8)	15.0
Non-controlling interests	3.8	-	3.8	4.1	-	4.1
Profit for the period	32.8	(16.7)	16.1	33.9	(14.8)	19.1
Earnings per share
Continuing and discontinued operations
Basic earnings per share	–	–	4.5p	–	–	5.3p
Diluted earnings per share	–	–	4.4p	–	–	5.3p
Continuing operations
Basic earnings per share	–	–	4.5p	–	–	5.6p
Diluted earnings per share	–	–	4.4p	–	–	5.6p

Source ↗

	Unaudited six months ended 30 June 2026 £m	Unaudited six months ended 30 June 2025 £m	Audited year ended 31 December 2025 £m
Assets
Property, plant and equipment	324.1	342.7	326.0
Right-of-use assets	33.1	34.3	36.4
Intangible assets: goodwill	165.3	170.6	163.7
Intangible assets: other	3.0	3.2	3.2
Investments	0.6	0.5	0.5
Trade and other receivables	3.2	2.9	3.1
Employee benefits: pensions	15.2	12.0	12.4
Deferred tax assets	25.1	19.2	23.2
Total non-current assets	569.6	585.4	568.5
Inventories	165.9	158.9	146.5
Derivative financial assets	2.2	3.3	2.0
Trade and other receivables	157.4	186.0	139.1
Investments	48.8	-	47.2
Current tax receivable	3.0	2.2	2.2
Cash and cash equivalents	104.3	84.6	79.3
Total current assets	481.6	435.0	416.3
Total assets	1,051.2	1,020.4	984.8
Liabilities
Borrowings	256.7	333.5	212.1
Lease liabilities	37.2	36.2	38.1
Employee benefits: pensions	33.7	34.0	34.4
Provisions	12.6	10.5	9.9
Non-trade payables	2.3	2.5	2.7
Deferred tax liabilities	0.9	1.8	1.0
Total non-current liabilities	343.4	418.5	298.2
Borrowings and bank overdrafts	100.7	0.2	99.4
Lease liabilities	11.2	11.2	11.1
Trade and other payables	207.3	203.8	194.6
Current tax payable	25.9	25.1	24.0
Provisions	7.7	7.9	8.1
Derivative financial liabilities	1.4	1.5	0.5
Total current liabilities	354.2	249.7	337.7
Total liabilities	697.6	668.2	635.9
Total net assets	353.6	352.2	348.9
Equity
Share capital	69.2	69.9	69.2
Share premium	111.7	111.7	111.7
Reserves	(7.6)	(29.7)	(13.7)
Retained earnings	145.8	164.8	149.4
Total equity attributable to shareholders of the Company	319.1	316.7	316.6
Non-controlling interests	34.5	35.5	32.3
Total equity	353.6	352.2	348.9

Source ↗

	Unaudited six months ended 30 June 2026 £m	Restated unaudited six months ended 30 June 2025 1 £m
Operating activities
Profit for the period from continuing operations	16.1	20.0
Loss for the period from discontinued operations	-	(0.9)
Adjustments for
Depreciation - property, plant and equipment	16.6	16.6
Depreciation - right-of-use assets	4.1	4.3
Amortisation	0.3	0.5
Net financing costs	11.6	10.8
Non-cash specific adjusting items in operating profit	3.8	1.3
Fair value (gain)/loss on equity instruments held at FVTPL	(0.6)	0.3
Loss on sale of property, plant and equipment	-	0.5
Income tax expense	11.4	11.3
Equity-settled share-based payment expenses	1.3	1.4
Cash generated from operations before changes in working capital and provisions	64.6	66.1
Increase in trade and other receivables	(17.7)	(8.6)
Increase in inventories	(17.4)	(1.2)
Increase in trade and other payables	11.7	14.5
Increase/(decrease) in provisions	2.1	(1.4)
Payments to defined benefit pension plans (net of IAS 19 pension charges)	-	0.2
Cash generated from operations	43.3	69.6
Interest paid - borrowings and overdrafts	(10.7)	(10.6)
Interest paid - lease liabilities	(1.5)	(1.4)
Income tax paid	(11.5)	(12.5)
Net cash from operating activities	19.6	45.1
Investing activities
Purchase of property, plant and equipment and software	(13.7)	(40.9)
Purchase of investments	(0.1)	(0.4)
Proceeds from sale of property, plant and equipment	1.2	0.4
Interest received	1.2	1.6
Disposal of investments	-	1.5
Tax paid on disposal of business	(0.6)	-
Net cash from investing activities	(12.0)	(37.8)
Financing activities
Purchase of own shares for share incentive schemes	(1.8)	(3.0)
Purchase of own shares for share buyback programme	(0.1)	(8.8)
Increase in borrowings	60.3	38.9
Reduction and repayment of borrowings	(15.0)	(37.3)
Payment of lease liabilities	(4.8)	(4.7)
Dividends paid to shareholders of the Company	(18.8)	(19.1)
Dividends paid to non-controlling interests	(2.2)	(1.5)
Net cash from financing activities	17.6	(35.5)
Net increase/(decrease) in cash and cash equivalents, and overdrafts	25.2	(28.2)
Net cash and cash equivalents at start of period	74.2	111.5
Effect of exchange rate fluctuations on cash held	(1.3)	1.1
Net cash and cash equivalents at period end	98.1	84.4

Source ↗

	2025 Results before specific adjusting items £m	2025 Specific adjusting items 2 £m	2025 Total £m	2024 Restated results before specific adjusting items 1 £m	2024 Restated specific adjusting items 2 £m	2024 Total 1 £m
Revenue	996.6	-	996.6	1,060.1	-	1,060.1
Operating costs before amortisation of intangible assets, impairments and reversal of impairments of non-financial assets	(902.8)	(32.0)	(934.8)	(936.8)	(18.2)	(955.0)
Profit from operations before amortisation of intangible assets, impairments and reversal of impairments of non-financial assets	93.8	(32.0)	61.8	123.3	(18.2)	105.1
Amortisation of intangible assets	(1.0)	-	(1.0)	(1.7)	-	(1.7)
Impairment of non-financial assets	-	(15.6)	(15.6)	-	(4.2)	(4.2)
Reversal of impairments of non-financial assets	-	-	-	-	-	-
Operating profit	92.8	(47.6)	45.2	121.6	(22.4)	99.2
Finance income	2.9	-	2.9	2.6	-	2.6
Finance expense	(25.1)	-	(25.1)	(21.6)	-	(21.6)
Net financing costs	(22.2)	-	(22.2)	(19.0)	-	(19.0)
Profit before taxation	70.6	(47.6)	23.0	102.6	(22.4)	80.2
Income tax expense	(19.4)	1.5	(17.9)	(27.0)	2.3	(24.7)
Profit from continuing operations	51.2	(46.1)	5.1	75.6	(20.1)	55.5
Profit from discontinued operations	3.8	19.9	23.7	3.7	(0.4)	3.3
Profit for the year	55.0	(26.2)	28.8	79.3	(20.5)	58.8
Profit for the year attributable to
Shareholders of the Company	47.3	(26.2)	21.1	70.8	(20.5)	50.3
Non-controlling interests	7.7	-	7.7	8.5	-	8.5
Profit for the year	55.0	(26.2)	28.8	79.3	(20.5)	58.8
Earnings per share
Continuing and discontinued operations
Basic earnings per share	–	–	7.5p	–	–	17.7p
Diluted earnings per share	–	–	7.5p	–	–	17.5p
Continuing operations
Basic earnings per share	–	–	(1.0)p	–	–	16.5p
Diluted earnings per share	–	–	(0.9)p	–	–	16.4p

Source ↗

	2025 £m	2024 £m
Assets
Property, plant and equipment	326.0	344.9
Right-of-use assets	36.4	32.5
Intangible assets: goodwill	163.7	176.9
Intangible assets: other	3.2	3.0
Investments	0.5	2.0
Trade and other receivables	3.1	3.6
Employee benefits: pensions	12.4	13.0
Deferred tax assets	23.2	21.4
Total non-current assets	568.5	597.3
Inventories	146.5	165.9
Derivative financial assets	2.0	1.2
Trade and other receivables	139.1	189.6
Investments	47.2	-
Current tax receivable	2.2	2.3
Cash and cash equivalents	79.3	120.8
Total current assets	416.3	479.8
Total assets	984.8	1,077.1
Liabilities
Borrowings	212.1	337.7
Lease liabilities	38.1	36.1
Employee benefits: pensions	34.4	34.5
Provisions	9.9	10.9
Non-trade payables	2.7	2.8
Deferred tax liabilities	1.0	2.7
Total non-current liabilities	298.2	424.7
Borrowings and bank overdrafts	99.4	9.3
Lease liabilities	11.1	11.0
Trade and other payables	194.6	204.1
Current tax payable	24.0	26.6
Provisions	8.1	9.5
Derivative financial liabilities	0.5	2.6
Total current liabilities	337.7	263.1
Total liabilities	635.9	687.8
Total net assets	348.9	389.3
Equity
Share capital	69.2	70.9
Share premium	111.7	111.7
Reserves	(13.7)	(8.2)
Retained earnings	149.4	179.3
Total equity attributable to shareholders of the Company	316.6	353.7
Non-controlling interests	32.3	35.6
Total equity	348.9	389.3

Source ↗

	Year ended 31 December 2025 £m	Restated 1 Year ended 31 December 2024 £m
Operating activities
Profit for the year from continuing operations	5.1	55.5
Profit for the year from discontinued operations	23.7	3.3
Adjustments for
Depreciation - property, plant and equipment	33.6	34.1
Depreciation - right-of-use assets	8.4	8.6
Amortisation	1.0	1.7
Net financing costs	22.2	19.0
Profit on disposal of business	(28.5)	-
Non-cash specific adjusting items included in operating profit	18.4	4.5
Fair value loss/(gain) on equity instruments held at FVTPL	7.3	(1.9)
Loss/(profit) on sale of property, plant and equipment	0.5	(3.0)
Income tax expense	27.1	25.9
Equity-settled share-based payment expense	2.0	2.8
Cash generated from operations before changes in working capital and provisions	120.8	150.5
Decrease/(increase) in trade and other receivables	34.2	(0.5)
Decrease in inventories	6.0	6.7
Increase in trade and other payables	10.2	8.4
Decrease in provisions	(2.0)	(1.0)
Payments to defined benefit pension plans (net of IAS 19 pension charges)	(0.6)	(1.1)
Cash generated from operations	168.6	163.0
Interest paid - borrowings and overdrafts	(21.6)	(17.9)
Interest paid - lease liabilities	(2.8)	(2.6)
Income tax paid	(26.4)	(29.2)
Net cash from operating activities	117.8	113.3
Investing activities
Purchase of property, plant and equipment and software	(67.1)	(96.1)
Purchase of investments	(0.4)	(0.1)
Proceeds from sale of property, plant and equipment	1.0	5.4
Grants received for purchase of equipment	0.2	0.5
Interest received	2.8	2.6
Disposal of investments	1.3	1.7
Disposal of business	17.4	-
Tax paid on disposal of business	(7.4)	-
Net cash from investing activities	(52.2)	(86.0)
Financing activities
Purchase of own shares for share incentive schemes	(3.6)	(3.5)
Proceeds from exercise of share options	-	0.2
Purchase of own shares for share buyback programme	(15.2)	(4.7)
Purchase of non-controlling interest	-	(5.1)
Increase in borrowings	38.8	121.3
Repayment of borrowings	(70.1)	(88.0)
Payment of lease liabilities	(9.3)	(10.6)
Dividends paid to shareholders of the Company	(34.1)	(34.5)
Dividends paid to non-controlling interests	(6.0)	(8.1)
Net cash from financing activities	(99.5)	(33.0)
Net decrease in cash and cash equivalents and overdrafts	(33.9)	(5.7)
Cash and cash equivalents at start of the year	111.5	124.5
Effect of exchange rate fluctuations on cash held	(3.4)	(7.3)
Net cash and cash equivalents at year end	74.2	111.5

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1,012.2	996.6	1,060.1
Adjusted operating profit	96.8	93.8	123.3
Exceptional / adjusting items	(53.3)	(47.6)	(22.4)
Operating profit	42.7	45.2	99.2
Depreciation (owned assets)	33.6	33.6	34.1
Depreciation (right-of-use)	8.2	8.4	8.6
Amortisation	(1.2)	(1.0)	(1.7)
Share-based payments	1.9	2.0	2.8
Operating profit to net income
Finance costs	(25.3)	(25.1)	(21.6)
Profit before tax	19.7	23.0	80.2
Tax	(18.5)	(17.9)	(24.7)
Net income (owners)	18.4	21.1	50.3
Discontinued operations	24.6	23.7	3.3
Per share
EPS basic	6.7p	7.5p	17.7p
EPS diluted	6.6p	7.5p	17.5p
Dividend per share	12.2p	12.2p	12.2p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	518.1	+3%	494.1	502.5
Adjusted operating profit	57.8	+5%	39.0	54.8
Exceptional / adjusting items	(18.4)	+45%	(34.9)	(12.7)
Operating profit	39.1	−6%	3.6	41.6
Depreciation (owned assets)	16.6	0%	17.0	16.6
Depreciation (right-of-use)	4.1	−5%	4.1	4.3
Amortisation	0.3	−40%	(1.5)	0.5
Share-based payments	1.3	−7%	0.6	1.4
Operating profit to net income
Fair value gains / losses	(0.6)	n/m	–	0.3
Finance costs	(12.7)	+2%	(12.6)	(12.5)
Profit before tax	27.5	−11%	(7.8)	30.8
Tax	(11.4)	+6%	(7.1)	(10.8)
Net income (owners)	12.3	−18%	6.1	15.0
Discontinued operations	0.0	n/m	24.6	(0.9)
Per share
EPS basic	4.5p	–	2.2p	5.3p
EPS diluted	4.4p	–	2.2p	5.3p
Dividend per share	5.4p	–	6.8p	5.4p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	92.3	117.8	113.3
Interest paid	(21.7)	(21.6)	(17.9)
Tax paid	(25.4)	(26.4)	(29.2)
Investing activities
Capex (PP&E)	(39.9)	(67.1)	(96.1)
Financing activities
Lease principal paid	(9.4)	(9.3)	(10.6)
Lease interest paid	(2.9)	(2.8)	(2.6)
Dividends paid	(33.8)	(34.1)	(34.5)
Share buybacks	(6.5)	(15.2)	(4.7)
Shares issued	–	0.0	0.2

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	19.6	−57%	72.7	45.1
Interest paid	(10.7)	+1%	(11.0)	(10.6)
Tax paid	(11.5)	−8%	(13.9)	(12.5)
Investing activities
Capex (PP&E)	(13.7)	−67%	(26.2)	(40.9)
Financing activities
Lease principal paid	(4.8)	+2%	(4.6)	(4.7)
Lease interest paid	(1.5)	+7%	(1.4)	(1.4)
Dividends paid	(18.8)	−2%	(15.0)	(19.1)
Share buybacks	(0.1)	−99%	(6.4)	(8.8)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	165.3	163.7	176.9
Other intangibles	3.0	3.2	3.0
Property, plant & equipment	324.1	326.0	344.9
Other investments	–	47.2	–
Non-current assets	569.6	568.5	597.3
Current assets
Inventories	165.9	146.5	165.9
Trade receivables	157.4	139.1	189.6
Cash	104.3	79.3	120.8
Current assets	481.6	416.3	479.8
Total assets	1,051.2	984.8	1,077.1
Current liabilities
Trade payables	207.3	194.6	204.1
Borrowings, current	100.7	99.4	9.3
Lease liabilities, current	11.2	11.1	11.0
Current liabilities	354.2	337.7	263.1
Non-current liabilities
Borrowings, non-current	256.7	212.1	337.7
Lease liabilities, non-current	37.2	38.1	36.1
Non-current liabilities	343.4	298.2	424.7
Total liabilities	697.6	635.9	687.8
Equity
Non-controlling interests	34.5	32.3	35.6
Total equity	353.6	348.9	389.3
Net cash and other figures
Net cash / (debt) ex leases	(253.1)	(232.2)	(226.2)
Net cash / (debt) incl. leases	(301.5)	(281.4)	(273.3)
Undrawn facilities	347.7	295.3	279.3

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	165.3	163.7	170.6	176.9
Other intangibles	3.0	3.2	3.2	3.0
Property, plant & equipment	324.1	326.0	342.7	344.9
Other investments	–	47.2	–	–
Non-current assets	569.6	568.5	585.4	597.3
Current assets
Inventories	165.9	146.5	158.9	165.9
Trade receivables	157.4	139.1	186.0	189.6
Cash	104.3	79.3	84.6	120.8
Current assets	481.6	416.3	435.0	479.8
Total assets	1,051.2	984.8	1,020.4	1,077.1
Current liabilities
Trade payables	207.3	194.6	203.8	204.1
Borrowings, current	100.7	99.4	0.2	9.3
Lease liabilities, current	11.2	11.1	11.2	11.0
Current liabilities	354.2	337.7	249.7	263.1
Non-current liabilities
Borrowings, non-current	256.7	212.1	333.5	337.7
Lease liabilities, non-current	37.2	38.1	36.2	36.1
Non-current liabilities	343.4	298.2	418.5	424.7
Total liabilities	697.6	635.9	668.2	687.8
Equity
Non-controlling interests	34.5	32.3	35.5	35.6
Total equity	353.6	348.9	352.2	389.3
Net cash and other figures
Net cash / (debt) ex leases	(253.1)	(232.2)	(249.1)	(226.2)
Net cash / (debt) incl. leases	(301.5)	(281.4)	(296.5)	(273.3)
Undrawn facilities	347.7	295.3	364.8	279.3

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