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Victrex H1 Profit Down, Sales Volume Rises; Says Comfortable With Current FY View

Victrex Plc. (VCT.L), a supplier of high performance polymer solutions, reported Monday that its first-half profit before tax declined 7 percent to 46.6 million pounds from last year's 49.9 million pounds.

Earnings per share declined 1 percent to 46.9 pence from 47.6 pence a year ago.

On an underlying basis, profit before tax fell 10 percent from last year's 52 million pounds, and earnings per share dropped 6 percent from 50 pence.

Group revenue edged down 0.4 percent to 150.9 million pounds from last year's 151.5 million pounds. At constant currency rates, revenues grew 2 percent.

Group sales volume increased 5 percent to 2,087 tonnes from 1,992 tonnes last year.

Looking ahead, Jakob Sigurdsson, Chief Executive of Victrex, said, "Our focus for H2 is to maintain good momentum although Medical is likely to see a more gradual improvement until elective procedures return in greater numbers. Whilst there may yet be upside to our anticipated full year performance, with the continued impact of post-Brexit inventory unwind on fixed cost recovery, and accrual for our All-Employee-Bonus scheme, at this stage we remain comfortable with current full year expectations."

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