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Victrex HY Pre-tax Profit Rises

Victrex Plc. (VCT.L) reported that its Group profit before tax for the six months ended 31 March 2018 rose 26 percent to 63.3 million pounds from last year's 50.1 million pounds. Profit before tax in constant currency was up approximately 2%, reflecting higher investment in the business during the first half and additional accrual for the Group's profit linked bonus and LTIP schemes.

Profit for the period attributable to owners of the parent was 55.5 million pounds up from 39.7 million pounds last year.

Basic earnings per share of 64.7 pence was 39% ahead of last year, principally reflecting the associated benefit to the Group's tax rate following Victrex filing patents to reflect its unique chemistry and intellectual property (IP) which qualified for the UK Government's Patent Box scheme.

Group revenue was 166.6 million pounds, 27% ahead of the prior year supported by the strong first half weighting from currency. Group revenue in constant currency was 15% ahead of the prior year, with a slightly weaker sales mix, dampened by Medical and a higher proportion of Consumer Electronics volumes in the first half, compared to the prior year.

Group sales volume of 2,256 tonnes was 21% ahead of the prior year . This includes the first half weighting from volumes supplied to the large Consumer Electronics order. Excluding these volumes, core business volumes were over 13% ahead.

Jakob Sigurdsson, Chief Executive of Victrex, said, "Looking towards the remainder of 2018, currency will be much less of a tailwind compared to the first half and we are also mindful of the currency headwind for 2019. Nevertheless, whilst growth comparatives become tougher in the second half, our strong momentum keeps us well on track for full year expectations."

Victrex said that David Thomas has been appointed as a Non-Executive Director of the Board, effective immediately. David will also assume responsibility for the Audit Committee from Victrex Chairman Larry Pentz, who has been acting as Chair of the Audit Committee following the resignation of Andrew Dougal in February 2018. The appointment follows a thorough search process.

David is currently a Non-Executive Director and Chair of the Audit Committee at Dialight plc, a FTSE listed Electronics company. David's executive career includes 12 years at Invensys plc, a FTSE 100 company, where he was Group Finance Director from 2011 to 2014. His earlier career was spent in Audit at E&Y where he was Senior Audit Partner, principally covering the manufacturing sector. David has also served on the Auditing Practices Board.

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