Polymer manufacturer Victrex sees revenue drop despite Q4 growth

Polymer-based product manufacturer Victrex plc has rounded off its latest financial year with growth in its core businesses – despite an overall dip in revenue.

In the 12 months to September 30, the Lancashire-headquartered firm’s earnings fell year on year by 4% to £252.3m.

A large part of the drop was attributed to a 30% volume decline in its consumer electronics business.

Conversely, a sales surge in Q4 managed to buoy the figures. At the tail end of Victrex’s 2015/2016 year, group revenue leapt 8% to £73.7m and sales volumes increased by 9% to 1,216 tonnes.

Victrex has this morning (October 11) reported that full-year revenue from its medical business hit £50.8, up from £50.5m in 2015, reflecting what the firm called a ‘stable spine market’ over in the US.

The company has said that growth in emerging markets likewise “remains positive’, with its Magma Oil & Gas project achieving a revenue above £1m for the first time in FY16.

Looking ahead, Victrex said that while its core business remains robust, forecasts show its revenues from Consumer Electronics will be “significantly lower” next year in comparison to 2016.