Half-year output and revenue down at Victrex despite “robust” second quarter

Victrex plc, a manufacturer of polymer-based products, saw its revenue and output volumes decline during the first half of its current financial year despite reporting a particularly “robust” second quarter.

Overall, the Lancashire company’s H1 performance was down in comparison to the same period the year previous, with revenue dropping from £131.6m to £117m. Bosses have attributed the decline to the re-phasing of the company’s Consumer Electronics volumes to H2 2016 and a “worsening outlook” for Victrex’s Oil & Gas business.

During H1 2016, the firm’s volumes fell from 2,028 tonnes to 1,770 tonnes, a year-on-year drop of 13%.

Despite the declines in Victrex’s Oil & Gas and Electronics businesses, the firm has reported seeing growth in Transport markets and achieved only a slightly lower performance, in comparison to H1 2015, in the revenue from its Invibio business. The brand, which produces polymer products for the healthcare sector, pulled in a half-year revenue of £25.2m, compared to £25.9m last year.

Chief exec David Hummel commented: “We retain our view of an overall improvement in the second half and are comfortable with current expectations for the full year as a whole.”

Headquartered in Thornton Cleveleys, Victrex has other UK operations in Middlesbrough and Rotherham.

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