Victrex PLC - Lancashire, England-based polymer solutions company with sustainable products aiming for environmental and societal benefits in multiple end-markets - Says the third quarter ended on June 30 has seen ‘further improvement’ in average selling prices due to price increases, sales mix and currency. However, the firm sees ongoing ‘macro-economic weakness and destocking across several end markets’. Says quarterly revenue is down 23% to £72.2 million from £93.4 million the year before, as group volume is down 38% to 818 tonnes, compared to 1,323 tonnes the year before. Says the quarter weakness is driven by Electronics, Energy & Industrial and Value Added Reseller. Looking ahead, says its Medical uni is performing strongly, as year-to-date revenue continues to track up double-digit.
Chief Executive Officer Jakob Sigurdsson says: ‘In line with our recent trading update, we continue to be impacted by ongoing macro-economic weakness and destocking in several end markets. ’Overall, our outlook is unchanged from what we recently communicated, with full-year adjusted (pre-exceptional) PBT expected to be in the range of £80 million-£85 million. As we move into the final quarter, strong average selling prices, mix, energy costs and cost discipline remain supportive, and we continue to be well-placed for when the macro-economic environment improves.‘
In December, the firm said revenue for year ended on September 30 was £341.0 million. Pretax profit was £87.7 million, while underlying pretax profit was £95.6 million.
Current stock price: 1,432.00 pence each, up 0.7% on Thursday morning in London
12-month change: down 19%
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