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Annual Results

Victrex's FY pretax profit slips 6%

06 December 2016 07:45

Victrex's FY pretax profit has slipped 6% to £100.3m, from £106.4m. Dividend per share was 46.82p, unchanged. Revenue was lower at £252.3m, from £263.5m.

"Victrex delivered a good finish to 2016, with our overall performance offset by a weaker first half and Consumer Electronics volumes being down over 30% for the full year. Our core business is in growth, with a notable improvement in the second half year," said CEO David Hummel.

"Our new product pipeline made good progress, with Magma securing meaningful revenue, a major development agreement established for Trauma and further prototype revenue with major Automotive manufacturers for our Gears programme.

"We are also announcing investments to help progress our mega-programmes and our downstream polymer to parts strategy. Our £10m investment in Magma Global will provide us with greater influence over the strategic direction of this business, underpinning the development of our mega-programme and additional manufacturing capability.

"Although we recognise the time required to drive market adoption, we remain excited by the potential of our strategy. Moving downstream from polymer to parts, into selected semi-finished applications and components, will see Victrex extending the PEEK market, further differentiating us from competitors. Our focus remains on accelerating these opportunities, whether organically or through investment.

"For 2017, our core business is in growth, we remain focused on cost efficiency and we are operating in a more favourable currency environment. Our assumptions for a continuation of Consumer Electronics volumes, but at a significantly lower level, are unchanged, with an expected second half weighting. At this early stage of the year, we are comfortable with current expectations."

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Related Company: VCT

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