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Victrex H1 Pretax Profit Declines - Quick Facts

Victrex plc (VCT.L) said, as expected, the Group recorded a much weaker first half year, driven principally by Automotive, the associated impact on Value Added Resellers, the headwinds in Consumer Electronics, together with the impact of adverse currency, cost inflation and investment phasing. Looking forward, the Group said, overall it will be challenging to achieve year-on-year growth in the second half.

For the first-half, Group profit before tax was 50.2 million pounds, 21% down on the prior year. Profit before tax in constant currency was down 13%. Earnings per share was 51.2 pence compared to 64.4 pence. Underlying profit before tax declined year-on-year to 52.4 million pounds from 63.3 million pounds.

First-half revenue declined 13% to 145.7 million pounds from 166.6 million pounds, prior year. Group sales volumes were down 16% on weaker Auto, VAR, Consumer Electronics contract.

Victrex said its interim dividend will be flat at 13.42 pence per share. The Group will also retain the threshold for payment of a special dividend at 50 pence share.

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