skip to content

Trading statements

Victrex makes solid start to 2017, unveils JV

08 February 2017 07:43

Victrex says it has made a solid start to 2017, as it unveils a joint-venture to accelerate the Aerospace Loaded Brackets mega-programme.

The company said start-2017 had seen a strong performance in the core business, compared to a weak Q1 2016.

Q1 2017 sales volumes in the core business (excluding Consumer Electronics) were up 25% of the prior year quarter, reflecting growth across Automotive, Aerospace, Energy & Industrial and Value Adding Resellers.

Electronics, outside of the large Consumer Electronics order, also saw growth. Q1 2017 performance was offset by Medical, which was behind last year, principally due to phasing.

Victrex said that, overall, Q1 2017 group revenue of £55.7m was broadly in line with the prior year (Q1 2016: £56.0m), with Q1 2017 group volumes of 810 tonnes down 6% (Q1 2016: 860 tonnes).

Q1 2017 performance reflected, as expected, the very limited volumes from the large Consumer Electronics order, compared to much stronger volumes in the prior year.

JOINT-VENTURE

Victrex also announced it was investing to help accelerate its Aerospace Loaded Brackets mega-programme, via a joint-venture with Tri-Mack Plastics, a proven partner for manufacturing semi-finished and finished parts within Aerospace.

The joint-venture, TxV Aerospace Composites, would focus on developing a new supply chain, with the capability to manufacture, at scale, unique and differentiated Loaded Brackets, blending new PEEK and PAEK polymer grades and composite materials.

Victrex would have the majority share of the JV and total capital expenditure from it was seen to be about £10m, spread over the next three years.

Story provided by StockMarketWire.com

Related Company: VCT

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

-

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.