Interim Results

Victrex PLC
13 June 2000

                                Victrex plc

Results announcement for the six months ended 31 March 2000

*  Volume up 12% to 628 tes (1999: 560 tes)                                   
                                                                              
*  Turnover up 17% to £28.3m (1999: £24.2m)                                   
                                                                              
*  EBITDA up 38% to £9.7m (1999: £7.0m)                                       
                                                                              
*  Pre-tax profit up 26% to £7.8m (1999: £6.2m)                               
                                                                              
*  Earnings per share up 32% to 7.5p (1999: 5.7p)                             
                                                                              
*  Interim dividend up 9% to 1.80p per share (1999: 1.65p)                    
                                                                              
*  Raw material business acquired                                             


Chairman Peter Warry commented:-

'I am pleased to announce record half year sales and profits, reflecting
the benefits of our investment in market development, plant, people and
systems.

Current indications are that the strong sales performance is continuing
into the second half. We are also adding further resources in the key
areas of technology and market development. Accordingly, we remain
confident about the Group's future growth potential.'


Enquiries

Victrex plc                          
                                     
David Hummel, Chief Executive        0207 357 9477 (13th June 2000)
Michael Peacock, Finance Director    01253 897700  (thereafter)

Hogarth Partnership Limited          
                                     
Nick Denton / Nick Lockwood          0207 357 9477




Chairman's statement
on the interim results of Victrex plc for the six months ended 31 March
2000


I am pleased to announce record half year sales and profits, reflecting
the benefits of our investment in market development, plant, people and
systems.

Acquisition

On 23 December 1999 we completed the acquisition of the DFDPM
manufacturing business from Laporte plc for £19.9m. On the same date we
entered into a joint venture with Laporte for the conversion of DFDPM and
overall supply of BDF. This key strategic move has secured our raw
material supply base and will underpin future growth.

Results

Sales volume, at 628 tonnes, showed a 12% increase over the same period
last year. Turnover of £28.3m (1999: £24.2m) increased by 17%.

Asia-Pacific volume (76 tonnes) doubled compared with the same period last
year. This improvement was largely due to increased demand in the
teletronics and automotive sectors. European volume (310 tonnes) saw
continued growth, with an 18% increase over the same period last year
spread across all sectors.

United States volume (242 tonnes) was 7% down on the first half last year
but showed an increase of 25% over the second half last year. This
improvement was largely due to increased demand from the industrial,
automotive and teletronics sectors.

Gross profit was £13.0m (1999: £10.6m), representing 46% of sales revenue
(1999: 44%). Sales, marketing and administrative expenses increased to
£4.6m (1999: £4.2m) due to further investment in technology and marketing
together with amortisation of goodwill attributable to the DFDPM business
since acquisition.

Net interest expense increased to £0.7m (1999: £0.2m) as a result of the
additional borrowings incurred to acquire the DFDPM business.

Profit before tax was £7.8m (1999: £6.2m) up 26% and earnings per share
were 7.5p (1999: 5.7p) up 32%.  The effective tax rate was 24% (1999:
28%).

Dividend

An interim dividend of 1.8p per share, representing an increase of 9% over
last year's interim dividend, will be paid on 21 July 2000 to all
shareholders on the register at the close of business on 23 June 2000.

Cashflow

The DFDPM acquisition was funded by additional borrowings.  However, net
cash inflow from operating activities increased to £10.4m (1999: £6.0m).
As a result, net debt only increased by £16.3m during the period to
£24.4m.

Development pipeline

During the period a significant number of new applications were
commercialised from the development pipeline. This reflects our success in
driving applications through the pipeline.

Shipments of our medical grade product PEEK-OPTIMATM LT, which was
launched last year, have now commenced. We are also making progress in our
fuel cell technology and are continuing commercial negotiations.

Board changes

Peter Harper, who had been non-executive Deputy Chairman since flotation,
retired from the Board at the end of March and David Tilston resigned as
Finance Director at the beginning of February. We are grateful to them
both for their important contributions to the business.

Michael Peacock has been appointed as David Tilston's successor. With his
background in business development and transactions he is well placed to
help us build on the sound progress made at Victrex to date.

Outlook

Current indications are that the strong sales performance is continuing
into the second half. We are also adding further resources in the key
areas of technology and market development. Accordingly, we remain
confident about the Group's future growth potential.


Peter Warry
Chairman




Consolidated Profit and Loss Account


                                       Unaudited    Unaudited             
                                      six months   six months      Audited
                                           ended        ended   year ended
                                     31 Mar 2000  31 Mar 1999  30 Sep 1999
                                           £'000        £'000        £'000
=========================================================================
                                                               
Turnover: Group and share of             30,602       25,242       48,735
Japanese joint venture
                                                               
Less: share of Japanese joint            (2,332)      (1,050)      (2,330)
venture
-------------------------------------------------------------------------
                                                               
Turnover                          2      28,270       24,192       46,405
                                                               
Cost of sales                           (15,294)     (13,552)     (25,257)
-------------------------------------------------------------------------
                                                               
Gross profit                             12,976       10,640       21,148
                                                               
Sales, marketing and                     (4,618)      (4,239)      (8,029)
administrative expenses
-------------------------------------------------------------------------
                                                               
Group operating profit                    8,358        6,401       13,119
                                                               
Share of operating profit in                129           23           52
Japanese joint venture
-------------------------------------------------------------------------
                                                               
Total operating profit                    8,487        6,424       13,171
                                                               
Interest receivable                          86           35           70
                                                               
Interest payable                           (748)        (247)        (512)
-------------------------------------------------------------------------
                                                               
Profit on ordinary activities             7,825        6,212       12,729
before taxation
                                                               
Tax on profit on ordinary         8      (1,917)      (1,739)      (3,462)
activities
-------------------------------------------------------------------------
                                                               
Profit on ordinary activities             5,908        4,473        9,267
after taxation
                                                               
Dividends paid and proposed              (1,403)      (1,295)      (4,306)
-------------------------------------------------------------------------
                                                               
Retained profit for the period            4,505        3,178        4,961
-------------------------------------------------------------------------
                                                               
Earnings per ordinary share                                    
    -  Basic                      3        7.5p         5.7p        11.8p
    -  Diluted                    3        7.5p         5.7p        11.8p
                                   
=========================================================================

The Group's turnover and operating profit arise from continuing operations
in both the current and preceding periods.

There were no material differences between reported profits and historical
cost profits on ordinary activities before taxation in any of the above
periods.




Consolidated Statement of Total Recognised Gains and Losses


                                       Unaudited    Unaudited             
                                      six months   six months      Audited
                                           ended        ended   year ended
                                     31 Mar 2000  31 Mar 1999  30 Sep 1999
                                           £'000        £'000        £'000
==========================================================================
                                                               
Profit for the period                     5,908        4,473        9,267
                                                               
Exchange (loss)/gain on                    (170)         (50)           1
consolidation
--------------------------------------------------------------------------
                                                               
Total recognised gains for the            5,738        4,423        9,268
period
==========================================================================




Consolidated Balance Sheet


                                       Unaudited    Unaudited             
                                      six months   six months      Audited
                                           ended        ended   year ended
                                     31 Mar 2000  31 Mar 1999  30 Sep 1999
                                           £'000        £'000        £'000
==========================================================================
Fixed assets                                                   
Tangible assets                          30,791       22,573       24,276
Intangible assets                        12,401            -            -
Investments                                 140          140          140
Investment in Japanese joint                                   
venture:
         Share of gross assets            1,924        1,229        1,355
         Share of gross liabilities      (2,225)      (1,392)      (1,687)
--------------------------------------------------------------------------
                                         43,031       22,550       24,084
--------------------------------------------------------------------------
Current assets                                                 
Stock                                    14,001       10,562       13,925
Debtors: amounts falling due within      10,113        8,877        6,700
one year
Cash at bank and in hand                      -          652            -
--------------------------------------------------------------------------
                                         24,114       20,091       20,625
Creditors: amounts falling due          (11,943)     (11,125)      (9,249)
within one year
--------------------------------------------------------------------------
Net current assets                       12,171        8,966       11,376
--------------------------------------------------------------------------
Total assets less current                55,202       31,516       35,460
liabilities
Creditors: amounts falling due          (22,814)      (5,400)      (7,400)
after more than one year
--------------------------------------------------------------------------
Net assets                               32,388       26,116       28,060
--------------------------------------------------------------------------
                                                               
Share capital and reserves                                     
Called up share capital                     785          785          785
Share premium account                    10,148       10,045       10,155
Profit and loss account                  21,455       15,286       17,120
--------------------------------------------------------------------------
Equity shareholders' funds               32,388       26,116       28,060
==========================================================================




Reconciliation of Movements in Shareholders' Funds


                                       Unaudited    Unaudited              
                                      six months   Six months       Audited
                                           ended        ended    year ended
                                     31 Mar 2000  31 Mar 1999   30 Sep 1999
                                           £'000        £'000         £'000
===========================================================================
Profit for the period                     5,908        4,473        9,267
Dividends                                (1,403)      (1,295)      (4,306)
---------------------------------------------------------------------------
Retained profit for the period            4,505        3,178        4,961
Exchange (loss)/gain on                    (170)         (50)           1
consolidation
Issue of ordinary shares exercised            -            1            1
under option
Premium on issue of ordinary shares           1            3          113
exercised under option
Share issue costs                            (8)         (50)         (50)
---------------------------------------------------------------------------
Net addition to shareholders' funds       4,328        3,082        5,026
Opening shareholders' funds              28,060       23,034       23,034
---------------------------------------------------------------------------
Closing shareholders' funds              32,388       26,116       28,060
===========================================================================




Consolidated Cash Flow Statement


                                       Unaudited    Unaudited             
                                      six months   six months      Audited
                                           ended        ended   year ended
                                     31 Mar 2000  31 Mar 1999  30 Sep 1999
                                           £'000        £'000        £'000
==========================================================================
Net cash inflow from operating    4      10,443        6,017       10,046
activities
--------------------------------------------------------------------------
Returns on investment and                                      
servicing of finance
Interest received                            86           35           70
Interest paid                              (746)        (247)        (508)
--------------------------------------------------------------------------
Total returns on investments               (660)        (212)        (438)
and servicing of finance
--------------------------------------------------------------------------
Taxation paid                              (715)        (555)      (4,160)
--------------------------------------------------------------------------
Net cash outflow from capital            (1,382)      (2,298)      (4,678)
expenditure
--------------------------------------------------------------------------
Acquisitions                                                   
Purchase of business              5     (19,900)           -            -
Associated acquisition costs             (1,119)           -            -
--------------------------------------------------------------------------
Net cash outflow from                   (21,019)           -            -
acquisitions
--------------------------------------------------------------------------
Equity dividends paid                    (3,012)      (2,846)      (4,129)
--------------------------------------------------------------------------
Cash (outflow)/inflow before            (16,345)         106       (3,359)
financing
--------------------------------------------------------------------------
Financing                                                      
Issue of ordinary share                       -            1            1
capital
Share purchase                                -         (139)        (139)
Premium on issue of ordinary                  1            3          113
shares under option
Debt due after more than one             15,414         (200)       1,800
year: increase in long term
borrowing
--------------------------------------------------------------------------
Net cash inflow/(outflow) from           15,415         (335)       1,775
financing
--------------------------------------------------------------------------
Increase in overdraft             6        (930)        (229)      (1,584)
==========================================================================



Notes to the Interim Report


1  BASIS OF PREPARATION

The interim results have been prepared on the basis of the accounting
policies set out in the Group's last Annual Report and Accounts.

The joint venture with Laporte commenced trading on 1 January 2000 and has
been accounted for using the proportional consolidation accounting method
in accordance with FRS 9.

The financial information for the year ended 30 September 1999 has been
extracted from the statutory accounts, which have been filed with the
Registrar of Companies.  The auditors' report on these accounts was
unqualified.

The Interim Report for the six months ended 31 March 2000 was approved by
the Board on 12 June 2000.


2  ANALYSIS OF TURNOVER

All turnover and profits are derived from the Group's principal activity,
being the manufacture and sale of high performance materials.  An analysis
of turnover by geographical market is as follows:

                                     Six months   Six months             
                                          ended        ended   Year ended
                                    31 Mar 2000  31 Mar 1999  30 Sep 1999
                                          £'000        £'000        £'000
=========================================================================
Europe                                   13,067       10,768       22,043
United States of America                 11,496       11,749       20,626
Asia-Pacific                              3,707        1,675        3,736
-------------------------------------------------------------------------
-
                                         28,270       24,192       46,405
=========================================================================


3  EARNINGS PER SHARE


                                     Six months   Six months             
                                          ended        ended   Year ended
                                    31 Mar 2000  31 Mar 1999  30 Sep 1999
=========================================================================
Earnings per ordinary share                                               
             - Basic                       7.5p         5.7p        11.8p
             - Diluted                     7.5p         5.7p        11.8p
=========================================================================

Earnings per ordinary share is based on the Group's profit for the
financial period of £5,908,000 (1999: £4,473,000).

The weighted average number of shares used in the calculation is:

                        - basic   78,530,731 (1999: 78,464,026)
                        - diluted 78,660,395 (1999: 78,580,256)


4  RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING
   ACTIVITIES

                                     Six months   Six months             
                                          ended        ended   Year ended
                                    31 Mar 2000  31 Mar 1999  30 Sep 1999
                                          £'000        £'000        £'000
==========================================================================
Total operating profit                    8,487        6,424       13,171
Depreciation and amortisation             1,183          594        1,271
charge
--------------------------------------------------------------------------
Earnings before interest, taxation,       9,670        7,018       14,442
depreciation and amortisation
Decrease/(increase) in stocks             2,224         (634)      (3,997)
Increase in debtors                      (3,413)      (1,616)        (152)
Increase/(decrease) in creditors          2,235        1,277         (532)
Japanese joint venture profit in             35           (5)         337
stock elimination
Share of operating profit in               (129)         (23)         (52)
Japanese joint venture
Effect of foreign exchange rate            (179)           -            -
changes
--------------------------------------------------------------------------
Net cash inflow from operating           10,443        6,017       10,046
activities
==========================================================================


5  PURCHASE OF BUSINESS

On 23 December 1999 the DFDPM manufacturing business of Laporte plc was
acquired.

Net assets acquired                         £'000
-------------------------------------------------
Tangible fixed assets                       6,000
Intangible fixed assets                    11,600
Stock                                       2,300
-------------------------------------------------
Consideration                              19,900
=================================================

This acquisition was funded by additional borrowings.


6  RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

                                       Six months   Six months            
                                            ended        ended  Year ended
                                      31 Mar 2000  31 Mar 1999 30 Sep 1999
                                            £'000        £'000       £'000
==========================================================================
Increase in overdraft in the period         (930)       (229)      (1,584)
Cash inflow from increase in debt        (15,414)          -       (1,800)
Cash outflow from decrease in debt             -         200            -
Foreign currency movement                      -         (19)           -
--------------------------------------------------------------------------
Movement in net debt in the period       (16,344)        (48)      (3,384)
Net debt at beginning of the period       (8,092)     (4,708)      (4,708)
--------------------------------------------------------------------------
Net debt at end of the period            (24,436)     (4,756)      (8,092)
==========================================================================


7  EXCHANGE RATES

The most significant sterling exchange rates used in the accounts under
the Group's accounting policies are:

                     Average exchange rate         Closing exchange rate
                     Six       Six                 Six       Six          
                  months    months      Year    months    months      Year
                   ended     ended     ended     ended     ended     ended
                  31 Mar    31 Mar    30 Sep    31 Mar    31 Mar    30 Sep
                    2000      1999      1999      2000      1999      1999
==========================================================================
US Dollar           1.64      1.63      1.64      1.60      1.62      1.68
Deutschemark        2.88      2.85      2.83      2.93      2.91      2.75
Yen                  176       196       198       165       212       174
==========================================================================


8  TAXATION

Tax on profit on ordinary activities in respect of the half year ended 31
March 2000 has been provided at the estimated effective rates chargeable
for the full year in the respective jurisdictions.

The charge for the period includes £480,000 (1999: £333,000) in respect of
overseas taxation.