Trading Statement

RNS Number : 5861B

Victrex PLC

08 October 2015

 



 

                                               

8 October 2015

Victrex plc - Full year pre-close trading update

"A good finish to 2015"

Victrex plc, an innovative world leader in high performance polymer solutions, today announces its full year pre-close trading update for the financial year ended 30 September 2015, ahead of its preliminary results on 8 December 2015.

Victrex delivered a good finish to 2015, with overall performance in line with our expectations, including a robust fourth quarter (Q4). For the year as a whole, the value of our balanced portfolio helped to drive growth and fully overcome headwinds including weaker sales in Oil & Gas, the effects of US Spine market consolidation on our Invibio medical business and the significant impact from foreign currency this year.

On a reported basis, full year Group revenue of £263.5m was 4% ahead of the prior year (FY 2014: £252.6m), with Q4 Group revenue of £68.7m being flat on the prior year period. Foreign currency, at a profit level, was a headwind of approximately £8m for the full year, which we will fully overcome.

At a volume level, full year Group sales volume of 4,217 tonnes was 19% ahead of the prior year (FY 2014: 3,551 tonnes). Q4 Group sales volume of 1,119 tonnes was 6% ahead of the prior year period (Q4 2014: 1,056 tonnes). Sales volumes reflect our overall momentum in VPS remaining positive during the fourth quarter, with growth across Aerospace, Automotive, General Industrial and strong Consumer Electronics volumes offsetting Oil & Gas, as previously communicated.

Invibio performance was in line with our previous guidance, with full year revenue of £50.5m being 5% down compared to the prior year (FY 2014: £53.4m). This reflects the effects of consolidation in the US Spine market.

Outlook

Our overall growth momentum remains positive as we start our new financial year. Whilst we are mindful of the continuing weakness in Oil & Gas and the need to improve Invibio performance in 2016, our balanced portfolio keeps 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]

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 Aerospace, Automotive, Electronics, Energy and Medical markets. 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 delivering leading edge solutions to shape future performance for our customers and our markets, and to drive value for our shareholders. Find out more at www.victrexplc.com

 

END

 

 

TSTUGGQWUUPAGAM