LONDON (ShareCast) - (Sharecast News) - Morgan Advanced Materials said on Thursday that first-quarter sales were lower as expected, but that it does not anticipate a material impact from tariffs.
In an update ahead of its annual meeting, the company said sales in the first three months to 31 March fell 3.5% on an organic constant currency basis compared to the same period last year, as expected.

The maker of advanced carbon and ceramic materials said it continues to monitor and adapt its business to the recent introduction of new trade tariffs.

"With our predominantly localised manufacturing footprint the unmitigated direct impact of current tariffs is expected to be relatively small," it said. The group expects to be able to mitigate much of this and therefore does not expect a material net impact for the full year, "albeit that any broader economic impact remains uncertain".

Chief executive Pete Raby said: "Whilst the global economy is facing uncertainty in the short term, we remain confident in our strategy, and in the longer-term outlook for our products.

"Our decentralised organisation, cost management and strong balance sheet will provide us with the flexibility to navigate through this difficult period and deliver earnings growth with improving demand."

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