Morgan Advanced Materials
MGAM · Main Market · Industrial Goods and Services · mcap £786m · 244.0p 3 open situations →
Open · 3
Operational effectiveness and growth strategy
The December 2025 plan targets a 12% adjusted margin by 2028 through operational effectiveness and stronger growth. At H1 2026 a second site turnaround (Hayward Ceramics closure) has started alongside Thermal Products North America. ERP is live at 13 sites, procurement savings are due from H2, and the £27m simplification programme is on track.
- Margin target
- 12% adjusted operating margin in 2028; 12%-14% beyond
- Site turnarounds
- Thermal Products North America (benefits from 2027); Technical Ceramics Hayward closure (benefits from 2028)
- ERP
- 13 sites live, replacing over 30 legacy systems
- Simplification
- £27m annualised savings by end 2026; total cash cost £45m
- Procurement
- Group-led initiative; first savings in H2 2026
Next: first procurement savings in H2 2026
- 6 Aug 2026 Executing: two site turnarounds, ERP at 13 sites
- 3 Mar 2026 Executing: first site turnaround started, ERP due Q2
- 4 Dec 2025 Strategy announced; execution starting
Thermal Products strategic review
Strategic review of the Thermal Products division, including a potential disposal, began in March 2026. At the H1 results the company says good progress has been made on growth prospects and it is preparing for a number of options. No outcome or timetable yet.
- Scope
- Full range of options under consideration, including a potential disposal
- Progress
- Good progress assessing the division's growth prospects; preparing for a number of options
- Division H1 revenue
- £176.1m, up 2.5% organic constant-currency
- Next milestone
- Further update 'in due course, as appropriate'; no date
Next: further update in due course
- 6 Aug 2026 Review progressing; options being prepared, no outcome
- 7 May 2026 Review progressing; no outcome announced
- 3 Mar 2026 Review formally underway; no decisions made
FIL Limited selling down
Next: 4.9666% still held
- 23 Jul 2026 4.9666%
- 28 May 2026 9.4977%
- 18 May 2026 10.8198%
- 13 May 2026 11.9883%
Closed · 4
Company filings. Not investment advice.