Morgan Advanced Materials PLC on Friday said revenue was up in 2022, but is expected to remain flat in the first half of 2023 due to a cyber attack in January.

The Windsor, England-based specialist industrial product manufacturer reported 2022 revenue of £1.11 billion, up 17% from £950.5 million the year prior.

Pretax profit was £131.6 million, increasing 26% from £104.3 million a year ago.

The company declared a final dividend of 6.7 pence per share, bringing the total dividend to 12.0p per share, up 32% from 9.1p in 2021.

Looking forward, Morgan Advanced said it expects revenue in the first half of 2023 to remain flat year-on-year, as a result of costs due to a cyber attack it suffered in January.

Second half revenue is expected to grow in line with its financial framework, the firm said. Morgan Advanced noted that its outlook for 2023 adjusted operating profit remains unchanged from its February guidance of a 10% to 15% decrease.

Chief Executive Officer Pete Raby said: ‘I am delighted with the progress we have made in delivering on all aspects of our strategy in 2022. We worked hard to recover significant cost inflation in a challenging environment which, together with robust growth in all of our markets, has enabled us to achieve further expansion of margin and ROIC.

‘Demand has remained robust coming into this year, particularly from our faster growing markets. As previously announced, the cyber event we experienced in January has impacted sales and profitability in the short term, but our recovery is on track. We are also taking the opportunity to accelerate the modernisation of our IT infrastructure.’

Morgan Advanced Materials shares rose 1.0% to 300.57 pence each in London on Friday morning.

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