The specialist supplier is focusing on growth and higher returns
Morgan Advanced Materials (MGAM) 213p Market Cap: £603 million Headquartered in Windsor, Morgan Advanced Materials (MGAM) supplies a range of high-performance products to industries as diverse as metal processing, cement making, glass and ceramics, power generation, health care, the aerospace sector and even semiconductors. Generally, we tend to prefer higher-margin ‘asset-light’ businesses to those in manufacturing, and admittedly MGAM’s earnings have been ‘lumpy’ in the past, in line with...