Morgan Advanced Materials
Income Statement Half Year 2024
For half year ended 30 June 2024
| Six months ended 30 June 2024 | Six months ended 30 June 2023 | Year ended 31 December 2023 | ||||||||
| Results before specific adjusting items | Specific adjusting items1 | Total | Results before specific adjusting items | Specific adjusting items1 | Total | Results before specific adjusting items | Specific adjusting items1 | Total | ||
| Note | £m | £m | £m | £m | £m | £m | £m | £m | m | |
| Revenue | 2 | 572.6 | - | 572.6 | 553.9 | - | 553.9 | 1,114.7 | - | 1,114.7 |
| Operating costs before amortisation of intangible assets, impairments and reversal of impairments of non-financial assets | (501.3) | (3.4) | (504.7) | (503.9) | (13.4) | (517.3) | (994.4) | (25.9) | (1,020.3) | |
|
Profit from operations before amortisation of intangible assets, impairments and reversals of impairments of non-financial assets |
2 | 71.3 | (3.4) | 67.9 | 50.0 | (13.4) | 36.6 | 120.3 | (25.9) | 94.4 |
|
Amortisation of intangible assets |
|
(1.1) | - | (1.1) | (2.1) | - | (2.1) | (3.3) | - | (3.3) |
|
Impairment of non-financial assets |
3 | - | - | - | - | - | - | - | (7.3) | (7.3) |
|
Reversal of impairment of non-financial assets |
3 | - | - | - | - | - | - | - | 8.1 | 8.1 |
|
Operating profit |
2 | 70.2 | (3.4) | 66.8 | 47.9 | (13.4) | 34.5 | 117.0 | (25.1) | 91.9 |
| Finance income |
1.3 | - | 1.3 | 2.2 | - | 2.2 | 3.9 | - | 3.9 | |
| Finance expense |
(10.6) | - | (10.6) | (8.3) | - | (8.3) | (18.0) | - | (18.0) | |
| Net financing costs | 4 | (9.3) | - | (9.3) | (6.1) | - | (6.1) | (14.1) | - | (14.1) |
| Profit before taxation | 60.9 | (3.4) | 57.5 | 41.8 | (13.4) | 28.4 | 102.9 | (25.1) | 77.8 | |
| Income tax expense | 5 | (15.8) | 0.4 | (15.4) | (11.3) | 2.2 | (9.1) | (26.0) | 3.8 | (22.2) |
| Profit from continuing operations | 45.1 | (3.0) | 42.1 | 30.5 | (11.2) | 19.3 | 76.9 | (21.3) | 55.6 | |
| Profit from discontinued operations | 6 | - | - | - | - | - | - | - | 0.7 | 0.7 |
| Profit for the period | 45.1 | (3.0) | 42.1 | 30.5 | (11.2) | 19.3 | 76.9 | (20.6) | 56.3 | |
|
Profit for the period attributable to: Shareholders of the Company |
40.4 | (3.0) | 37.4 | 26.0 | (11.2) | 14.8 | 67.9 | (20.6) | 47.3 | |
| Non-controlling interests | 4.7 | - | 4.7 | 4.5 | - | 4.5 | 9.0 | - | 9.0 | |
| Profit for the period | 45.1 | (3.0) | 42.1 | 30.5 | (11.2) | 19.3 | 76.9 | (20.6) | 56.3 | |
|
Earnings per share Continuing and discontinued operations |
7 | |||||||||
| Basic earnings per share | 13.2p | 5.2p | 16.6p | |||||||
| Diluted earnings per share | 13.0p | 5.2p | 16.5p | |||||||
| Continuing operations | ||||||||||
| Basic earnings per share | 13.2p | 5.2p | 16.4p | |||||||
| Diluted earnings per share | 13.0p | 5.2p | 16.3p | |||||||
| Dividends2 | ||||||||||
|
Proposed interim dividend - pence |
5.40p | 5.30p | 5.30p | |||||||
| - £m | 15.4 | 15.1 | 15.1 | |||||||
|
Final dividend - pence |
6.70p | |||||||||
| - £m | 19.1 | |||||||||
1. Details of specific adjusting items are given in note 3 to the condensed consolidated financial statements.
2. The proposed interim and approved final dividends are based upon the number of shares outstanding at the balance sheet date.
See our full Financial Highlights to learn more, or view our Balance Sheet and Cash Flow to see our latest performance.