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Victrex Plc H1 Underlying Profit Rises

Victrex plc (VCT.L) said its first half underlying profit before tax was up 3%, and up 10% in constant currency from prior year. Sales volumes were up 8%, for the period.

For the six months ended 31 March 2022, profit before tax and exceptional items increased to 48.2 million pounds from 46.6 million pounds, last year. Underlying earnings per share was up 2% at 47.8 pence.

Profit before tax was 43.6 million pounds compared to 46.6 million pounds, last year. Reported profit before tax declined 6% reflecting 4.6 million pounds exceptional items relating to one off expensed ERP software implementation, the Group noted. Earnings per share was 43.3 pence compared to 46.8 pence.

First half revenue increased to 160.1 million pounds from 150.9 million pounds, previous year.

For the remainder of fiscal 2022, the Group projects continuing volume growth, which is likely to see growth of a similar magnitude to the first half. For fiscal 2022 as a whole, the Group remains focused on delivering good year-on-year growth.

The Group proposed an interim dividend of 13.42 pence per share.

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