AGM Statement

RNS Number : 5837O

Victrex PLC

10 February 2016

 

 

                                               

10 February 2016

Victrex plc

AGM and Q1 Interim Management Statement

'Soft Q1; expectation of a stronger H2 underpins full year'

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 today.  

Pleasingly, the overall performance in our industrial markets outside of Oil & Gas and Electronics was solid. Invibio also showed a small improvement compared to Q1 2015.  Whilst Q1 2016 was softer compared to Q1 2015, this reflects the expected lower volumes in Consumer Electronics and Oil & Gas, where the prior period comparatives are tougher and a worsening environment in that market since our 2015 preliminary results.

At a revenue and volume level, Q1 Group revenue of £56.0m was 6% down on the prior year (Q1 2015: £59.8m), with Group sales volume of 860 tonnes being 11% down on the prior year (Q1 2015: 967 tonnes).

Based on the outlook for Oil & Gas and lower Consumer Electronics volumes, we expect this softness to continue through the first half year.  Compared to previous guidance, volumes from the Consumer Electronics opportunity will now be much more weighted to the second half, to reflect product launch cycles.  Extending existing business and capturing value-added business in our markets beyond 2016, including across the whole of Consumer Electronics, remains our focus.

David Hummel, Chief Executive of Victrex, said: "Whilst we expect the softness in Q1 to continue through the first half year, our latest view for the second half, including Consumer Electronics being much more weighted to the second half, points towards a stronger performance, compared to the second half of 2015.

"These assumptions mean we are comfortable with current expectations for the full year.

"Looking further ahead, our medium to longer term portfolio remains attractive, alongside our focused strategy of moving further downstream and an increasingly value-added proposition."

Victrex retains a strong financial position, with no significant changes since 30 September 2015.

Enquiries:

Victrex plc:

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

Louisa Burdett, Group Finance Director                                             [phone]

David Hummel, Chief Executive                                                         [phone]

Teneo Strategy: 

Charles Armitstead                                                                          [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 08.30am. Please contact Laura Stewart at Teneo Strategy for details on [phone] or [e-mail]

 

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