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Victrex Q1 Revenue Down 18%, Says Outlook For H2 Unchanged - Quick Facts

Victrex plc (VCT.L) reported that it saw a weaker start to its 2019 financial year, with expected end-market headwinds, tougher comparatives, some de-stocking and adverse currency.

Overall, the company's first-quarter revenue declined 18 percent to 64.1 million pounds from 78.7 million pounds in the prior-year period. Group sales volume fell 22 percent to 822 tonnes from 1,051 tonnes in the year-ago period.

The company noted that the first-quarter headwinds were predominantly in Automotive and Consumer Electronics markets, principally the ongoing slowdown in Automotive and the associated impact on Value Added Resellers, which sees volumes indirectly supplied to Automotive.

As expected, the first-quarter also saw no volumes supplied for the Large Consumer electronics contract, versus a strong comparative last year.

However, the company added that January and February saw an improvement, with a notable pick-up in Automotive sales.

Looking ahead, Jakob Sigurdsson, Chief Executive of Victrex, said, "Our expectations for the second half are unchanged, with new projects and reduced headwinds supporting our assumptions. With strong structural growth opportunities, a healthy new product pipeline and a highly cash generative business model, we continue to be well-placed for the medium and long term."

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