Victrex on track to meet full-year expectations as Q3 revenues rise

Victrex said on Thursday that it was on track to meet full-year expectations as it posted a jump in third-quarter revenues.

In an update for the period from 1 April to 30 June, the company said group revenues rose 16% to £93.4m, with volumes up 10% to 1,323 tonnes. Victrex said it benefited from price increases, with improved average selling prices, which helped to offset unprecedented energy and raw material costs.

In the year to date, revenues are up 9% at £253.5m, with volumes also 9% higher on the previous year, at 3,586 tonnes.

Chief executive Jakob Sigurdsson said: "This is another strong performance by Victrex, with a healthy core business, good growth in new applications and further milestones in our mega-programmes, particularly in Medical as we look for this business to become a larger part of our long-term revenues.

"Despite our sales mix, where VAR, Electronics and Energy & Industrial drove most of the volume growth, we are starting to see the benefit of price increases to help recover the unprecedented increase in energy and raw material costs.

"Although historic run-rates typically see a slight step down during our final quarter, our order book is robust and, overall, this is expected to be a year of record volumes for Victrex. Whilst we are mindful of uncertainty in the global economic outlook, we remain on track for delivering full year expectations."