morgan advanced materials plc said tuesday that it expects its 2022 performance to slightly exceed market expectations though it expects production inefficiencies to hit 2023 adjusted operating profit the londonlisted supplier of ceramic carbon and composite products said revenue growth was robust in the last two months of the year with 2022 revenue expected to be around 11 billion pounds 132 billion up 16 on year adjusted operating profit is expected to slightly exceed the top end of the range of analysts forecasts which it provided as being gbp1335 million to gbp1450 million in 2021 it reported an adjusted operating profit of gbp725 million demand in the first half of the new year remains strong but the company sees 2023 adjusted operating profit 10 to 15 lower than its previous expectations due to production inefficiencies the company had said on jan 10 that it was managing the consequences of a cybersecurity incident all manufacturing sites are now operational though some continue to use manual transaction processes as work continues to restore their systems exceptional costs associated with the incident could amount to around gbp8 million to gbp12 million morgan said it said it has a strong balance sheet and doesnt expect a material longterm hit from the incident