Trading Statement

RNS Number : 8130T

Victrex PLC

09 October 2014

 



 

                                               

9 October 2014

Victrex plc - Pre-close trading statement

"A strong finish to 2014 - growth momentum continues"

Victrex plc, an innovative world leader in high performance polymer solutions, today releases its pre-close trading statement for the financial year ended 30 September 2014, ahead of its preliminary results on Tuesday 9 December 2014.

Victrex delivered a strong finish to 2014, with the Group continuing its volume growth momentum from the first half year across our strategic markets of Automotive, Aerospace, Energy, Electronics and Medical.  Full year Group sales volume of 3,551 tonnes increased by 22% (2013: 2,920 tonnes), with second half year sales volume of 1,967 tonnes increasing by 29% on last year (H2 2013: 1,528 tonnes).  Although sales volumes were particularly strong, our profit expectations remain largely unchanged.

The strong volume performance in our Victrex Polymer Solutions (VPS) business reflects core growth and higher than expected volumes in the second half year from Consumer Electronics. Stripping out sales volumes across the entire Electronics segment, second half year sales volume increased by 6% on the prior year. Our higher margin Speciality Products business, including Aptiv film, again performed well during the year. With continued growth in Aptiv, we will bring an additional production line on stream during the first half of our new financial year.

In our higher margin Invibio medical business, full year revenue increased by 5% to £53.4m (2013: £50.8m), reflecting steady improvement in the Spine market. The focus for 2015 remains the roll-out of new products into the Spine market, with regulatory applications lodged in the US and Europe for the innovative PEEK-OPTIMA^® HA-Enhanced product, which enhances bone-on-growth. Pending regulatory approval, adoption and roll-out will commence during the first half.

As we start our new financial year, our growth momentum remains positive. Although currency headwinds remain considerable in 2015, our forthcoming new PEEK and Aptiv film capacity, technical excellence and marketing know-how keep us well placed to continue driving growth and creating value, in line with our long term strategy.

Enquiries:

Victrex plc:

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

Louisa Burdett, Group Finance Director                                                         [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 Aerospace, Automotive, Electronics, Energy and Medical. Every day, millions of people rely on products or applications which contain our polymers, 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. Visit www.victrexplc.com

Investor and analyst call:

A call for investors and analysts will be held today, Thursday 9 October 08.30 UK time. For dial in details contact Rebecca Hall at Pendomer on [phone] or [e-mail]

 

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