Victrex FY Pre-tax Profit Rises

Victrex Plc. (VCT.L) reported that its preliminary group profit before tax for the 12 months ended 30 September 2018 was 127.5 million pounds, up 15% from the prior year. Profit before tax in constant currency increased by 3%.

Profit attributable to owners of the parent for the period rose to 110.6 million pounds from 99.5 million pounds last year. Basic earnings per share of 128.8 pence was 11% ahead of the prior year, which reflects the first normalised financial year in which the Group tax rate benefited from the UK Patent Box scheme.

Group sales volume of 4,407 tonnes was 10% ahead of the prior year. Growth was broad-based with all markets recording volume increases at or near double-digits. Growth did slow slightly in the second half, due in part to the large Consumer Electronics order which had been substantially fulfilled in the first half.

Group revenue was 326.0 million pounds, 12% ahead of the prior year supported by the strong first half weighting from currency. Group revenue in constant currency was 7% ahead of the prior year, with a slightly weaker sales mix, dampened by a slightly higher proportion of Consumer Electronics volumes and further growth in our Value Added Resellers segment.

For 2019, expectation is for continued momentum in core polymer business and milestones in our mega-programmes. It expects to make good progress on a constant currency basis, however, adverse currency, no expected volumes in Consumer Electronics and recent market softness in Automotive may hold back ability to substantially improve on overall 2018 performance, with these headwinds falling mainly in the first half. It continues to be well-placed for the medium and long term.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
McDonald's says equal pay for women is just the beginning, while conforming that the fast-food giant pays women globally 99.85 cents on the dollar for similar work, taking into account legitimate pay drivers such as level, location, experience, and performance. The company added that it is on track to close that identified gap in 2022. Verizon Communications Inc. (VZ) said, on an adjusted basis, its third-quarter earnings per share rose 12.8 percent from a year ago. The company said its earnings were highlighted by revenue and customer growth as more than one in four Consumer wireless phone customers now have a 5G-capable device. The... While reporting financial results for the third quarter on Wednesday, Abbott Laboratories (ABT) raised its earnings and adjusted earnings guidance for the full-year 2021. For fiscal 2021, the company continues to project earnings from continuing operations in a range of $3.55 to $3.6 per share and...
Follow RTT