AGM and Q1 Interim Management Statement

RNS Number : 9655D

Victrex PLC

04 February 2015

 



 

                                               

4 February 2015

Victrex plc

AGM and Q1 Interim Management Statement

'A solid start to 2015'

Victrex plc, an innovative world leader in high performance polymer solutions, today releases its first quarter (Q1) Interim Management Statement ahead of its Annual General Meeting being held this morning.  

Overall, Victrex has seen a solid start to 2015. Group revenue of £59.8m was 14% ahead of the prior year (Q1 2014: £52.4m), with Group sales volume of 967 tonnes 42% ahead of the prior year (Q1 2014: 679 tonnes). The strong volume comparative in Q1 largely reflects current Consumer Electronics business that did not contribute to the prior year quarter. Excluding Consumer Electronics, volume growth in the underlying business was slightly ahead year on year.

In our VPS business, Q1 continued to benefit from Consumer Electronics - in line with our previous guidance - and we now expect the current Consumer Electronics opportunity to continue into the second half of our financial year.

In our Invibio medical business, revenue was weaker in Q1.This reflects some short term impact from the current consolidation in the US medical device industry and we anticipate that Invibio will still make progress over the full year. Our focus for 2015 remains the roll-out of new products into the Spine market, alongside pre-development work for our new product platforms of Dental, Trauma and Knee.

David Hummel, Chief Executive of Victrex, said: "Overall, Victrex has made a solid start to 2015 and our focused strategy is helping to continue our growth momentum. At this early stage of the year, our expectations are unchanged and we remain well placed for the year ahead."

Victrex remains in a strong financial position, with a healthy balance sheet, good cash generation and no significant changes to our financial position since 30 September 2014.

Enquiries:

Victrex plc:

Andrew Hanson, Head of Investor Relations & Communications           [phone]

Louisa Burdett, Group Finance Director                                             [phone]

David Hummel, Chief Executive                                                         [phone]

Pendomer Communications:

Charles Armitstead / Rebecca Hall                                                    [phone]

About Victrex:

Victrex is an innovative world leader in high performance polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy, Electronics and Medical. Every day, millions of people rely on products or applications which contain our materials, from smartphones, aeroplanes and cars to oil & gas operations and medical devices. With over 35 years' experience, we are investing in technical excellence to deliver new and leading edge solutions to our customers and our markets, and to drive value for our shareholders. Find out more at www.victrexplc.com

Analyst and investor call:

A conference call for analysts and investors will be held this morning at 09.00am. Please contact Laura Stewart at Pendomer Communications for details on [phone] or [e-mail]

 

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