Victrex plc (VCT.L), a supplier of high performance polymers, reported Friday higher revenues and volume in its first quarter. Further, the company said its second quarter has also started solidly, with January well ahead of the prior year. The fiscal 2025 expectations also remains unchanged.
In its first-quarter trading update, the company reported that Group revenue grew 9% to at 66.6 million pounds from 61.2 million pounds a year ago.
Group volume went up 20% at 898 tonnes from last year's 751 tonnes.
In the first-quarter trading update, the company noted that despite overall top-line progress, trading conditions remain mixed, with Medical revenues continuing to be subdued on a year-to-date basis, driven by ongoing industry destocking amongst medical device customers.
Looking ahead, fiscal 2025 is expected to see a significant step-up in mega-programme revenues, with Aerospace Composites, E-mobility and Trauma set to show progress.
Jakob Sigurdsson, Chief Executive of Victrex, said, "The Group has delivered a solid start to the year and our full year expectations are unchanged. Based on our momentum at this early stage, our guidance remains for at least mid-single digit volume growth for FY 2025, with underlying PBT growth ahead of volume growth.... As a result, profit growth will be weighted to the second half year.... Overall, we are well-placed for the medium to longer term."
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