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Victrex FY Pre-tax Profit Down

Victrex Plc. (VCT.L) reported that its profit before tax for the 12 months ended 30 September 2019 declined 18% to 104.7 million pounds from 127.5 million pounds in the previous year.

Profit attributable to owners of the parent for the year decreased to 92.4 million pounds or 106.9 pence per share from 110.6 million pounds or 128.2 pence per share in the prior year.

Underlying Group profit before tax was 106.2 million pounds, down 17% from the prior year, reflecting weaker trading, adverse currency, and raw material and energy inflation.

Group sales volume of 3,751 tonnes was 15% down on the prior year, principally reflecting the cyclicality in Automotive and the associated impact on Value Added Resellers segment, together with some de-stocking, with supply chain inventories running very low.

Group revenue was 294.0 million pounds, 10% down on the prior year, impacted by the weaker trading performance, but with an improved sales mix as Medical continued to show some growth. Group revenue in constant currency was 11% down on the prior year.

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