Victrex warns on profit, revenue as volumes slump

Victrex said annual profits would be sharply lower as group volumes continued to fall due to industrial headwinds.

The company on Wednesday said group revenue was now tracking down by a mid-single digit percentage rate, with volumes down more than 20% year on year.

“If current run-rates continue, full year revenue would be down between 6%-10%,” it added.

“With no step up in demand going into the final quarter currently visible, and the resulting lower industrial revenue expectations, our full year adjusted profit before tax is now expected to be between £80m - £85m.”

The company made underlying profits of £95.6m in the year to September 30, 2022.

Reporting by Frank Prenesti for Sharecast.com