Trading Statement

RNS Number : 6595J

Victrex PLC

09 April 2015

 



 

                                               

9 April 2015

Victrex plc

Half year and pre-close trading update

'A good first half; well positioned for full year progress'

Victrex plc, an innovative world leader in high performance polymer solutions, today releases its half year and pre-close trading update for the six months ended 31 March 2015.

Overall, Victrex delivered a good first half performance. Group revenue of £130.3m was 9% ahead of the prior year (H1 2014: £119.9m), with Group sales volume of 2,028 tonnes 28% ahead of the prior year (H1 2014: 1,584 tonnes). The first half performance reflects a continuing positive contribution from Consumer Electronics and slightly lower sales in our Invibio medical business. Group gross margins saw improvement compared to the first half of 2014, reflecting better manufacturing efficiencies.

In Victrex Polymer Solutions (VPS), lower sales into oil and gas were offset by growth in our other markets. Commissioning of the first production stream on our third PEEK manufacturing plant is now complete and successfully started up on schedule.  In Invibio, performance reflected the impact from industry consolidation in the US during Q1, as previously communicated, although we saw an improvement in Q2. Invibio revenue of £25.9m was 4% down on the prior year (H1 2014: £26.9m) and flat in constant currency, although our focus remains on continued improvement as we enter the second half.

The adverse currency impact seen by the Group during the first half will also continue into the second half.  However, as previously communicated, we continue to expect that we will fully overcome the currency impact for the full year.

David Hummel, Chief Executive of Victrex, said: "Victrex delivered a good first half performance overall. Although we are mindful of the tougher comparatives for the second half and the continued caution in the oil and gas market, we remain well positioned for progress over the full year."

Victrex will report its interim results on Tuesday 19 May 2015.

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                                                                          [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

 

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