Morgan Advanced Materials PLC on Friday reported a rise in half-year profit on a double-digit revenue jump, as it anticipates full year profit to top market expectations.

Shares were up 6.3% at 322.00 pence each on Friday morning in London.

For the six months that ended on June 30, the Windsor, England-based industrial products manufacturer said revenue increased 15% to £530.2 million from £461.2 million a year earlier.

Pretax profit rose 17% to £65.7 million from £56.2 million. Adjusted operating profit margin was 13.7%, compared with 12.8% a year earlier.

Chief Executive Officer Pete Raby said: ‘We have delivered robust revenue growth in the first half of the year reflecting growing markets and the benefits of our strategy. This was a really good performance from our team in a challenging environment. Profitability has improved from the drop through on the higher volumes and the benefits from our restructuring programme.’

Morgan Advanced Materials declared an interim dividend of 5.3 pence per share, up from 3.2 pence a year prior.

The company said full year outlook is expected to be around the top end of market expectations. Raby added: ‘As previously stated on May 5, we expect a moderation of growth rates in the second half, reflecting challenges in the wider economy. While mindful of market conditions, we now expect adjusted operating profit for full year to be around the top end of current analysts’ forecasts.’

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