Morgan Advanced Materials (MGAM): Operational effectiveness and growth strategy
This situation live
MGAM Morgan Advanced Materials
4 Dec 2025 · Strategy announced; execution starting · −3% until the next step
Transforming our operational effectiveness to turnaround underperforming sites and improve our supply chain effectiveness
3 Mar 2026 · Executing: first site turnaround started, ERP due Q2 · +22% until the next step
Good progress against our strategy; first major site turnaround plan initiated, group led procurement set to deliver early wins in 2026, ERP roll-out to kick off in Q2, MMS disposal completed
6 Aug 2026 · Executing: two site turnarounds, ERP at 13 sites · +0% since
Two major site turnarounds now underway; early progress against agreed operational milestones
Operational effectiveness and growth strategy
Executing: two site turnarounds, ERP at 13 sites
Next: first procurement savings in H2 2026
Every step · 3
- 4 Dec 2025 Strategy announced; execution starting – Transforming our operational effectiveness to turnaround underperforming sites and improve our supply chain effectiveness ↗
- 3 Mar 2026 Executing: first site turnaround started, ERP due Q2 – Good progress against our strategy; first major site turnaround plan initiated, group led procurement set to deliver early wins in 2026, ERP roll-out to... ↗
- 6 Aug 2026 Executing: two site turnarounds, ERP at 13 sites – Two major site turnarounds now underway; early progress against agreed operational milestones ↗
What is happening
Morgan Advanced Materials: Operational effectiveness and growth strategy – Executing: two site turnarounds, ERP at 13 sites. ['Executing: two site turnarounds, ERP at 13 sites']
- In short
- 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.
- Announced
- 4 Dec 2025 · Strategy announced; execution starting
- Latest
- 6 Aug 2026 · Executing: two site turnarounds, ERP at 13 sites
- 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
What comes next
first procurement savings in H2 2026.
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Also at Morgan Advanced Materials 2 open
Sale process / strategic reviewThermal Products strategic review – Review progressing; options being prepared, no outcome
OverhangFIL Limited selling down – 12.0379% → 4.9666% in 4 notices
Insider conviction1 director buying – £58k in 2 buys · closed
Disposal of a part (break-up)Sale of MMS business – Completed 12 November 2025 · closed
Insider conviction1 director buying – £52k in 1 buy · closed
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