Victrex first half profits down 13%; sees stronger H2

Lower consumer electronics volumes and softer oil & gas hit first half results at polymer maker Victrex with pre-tax profits down 13% to £73.6m, although the company said it expected a strong second half recovery.

Revenues were 10% lower to £117m while earnings per share fell 9% to 45.5p.

Chief executive David Hummel said despite the results Victrex's core business remained robust, with the automotive and aerospace divisions in growth and medical staying solid.

"For the second half, consumer electronics volumes are anticipated to be more than double those in the first half year. In line with recent supply chain news and ahead of the build-up to new product launches, we expect that these will be more back-end loaded this year,” he said.

“Overall, our view of a second half improvement reflects our expectation for consumer electronics, our robust core business and a continued focus on resources; and we remain comfortable with current expectations for the full year.”

"For the medium to longer term, Victrex remains in a good position and we are excited by our opportunities. Our pipeline is strong, with several potentially game-changing projects, although we are mindful that driving adoption and moving beyond early commercialisation can take time against incumbent technologies.”

“Developing new downstream applications, as well as new composite grades, will enable us to further expand the PEEK market, driving long term value and further differentiating our business."