We presented our 2024 Half Year Results on 6 August

We are a global manufacturer of advanced carbon and ceramic products. We have deep expertise in carbon and ceramic materials and we use that to solve difficult problems for our customers in demanding applications.

We create value by building long-term, trusted relationships with our customers to understand their markets and their technical needs. We use our deep knowledge of materials, our extensive development and testing capabilities and a lot of production know how to produce high quality and highly capable products that address those needs.

Our investment proposition is stronger than ever.

We made further improvements to our growth and margin outlook during 2023 and developed our acquisition pipeline. We are well placed for a period of rapid organic growth, supplemented by bolt-on acquisitions.

1. Organic growth

We have increased our organic growth expectations (subject to overall market conditions) expecting to be towards the top of our 4-7% guidance range over the next four years.

Our growth is underpinned by robust drivers in our faster growing markets (including the large semiconductor opportunity), but also by a number of market positions in our core markets that we expect will grow more quickly in the next few years.

2. Simplification

We have simplified the Group, reducing the number of Global Business Units and consolidating manufacturing plants to provide better support to our customers and a more efficient cost structure.

3. Margin progress

Margins are well underpinned and will progress towards the top of our 12.5%-15% range with growth in our faster growing segments and in the core.

4. Capital allocation

Our balance sheet remains strong. This gives us the capacity to fund significant organic expansion, while allowing us to pursue bolt-on M&A and to continue to deliver attractive distributions to shareholders.