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IN BRIEF: Victrex quarterly revenue down as impacted by destocking

6th Jul 2023 09:46

Victrex PLC - Lancashire, England-based polymer solutions company with sustainable products aiming for environmental and societal benefits in multiple end-markets - Says the third quarter ended on June 30 has seen "further improvement" in average selling prices due to price increases, sales mix and currency. However, the firm sees ongoing "macro-economic weakness and destocking across several end markets". Says quarterly revenue is down 23% to GBP72.2 million from GBP93.4 million the year before, as group volume is down 38% to 818 tonnes, compared to 1,323 tonnes the year before. Says the quarter weakness is driven by Electronics, Energy & Industrial and Value Added Reseller. Looking ahead, says its Medical uni is performing strongly, as year-to-date revenue continues to track up double-digit.

Chief Executive Officer Jakob Sigurdsson says: "In line with our recent trading update, we continue to be impacted by ongoing macro-economic weakness and destocking in several end markets. "Overall, our outlook is unchanged from what we recently communicated, with full-year adjusted (pre-exceptional) PBT expected to be in the range of GBP80 million-GBP85 million. As we move into the final quarter, strong average selling prices, mix, energy costs and cost discipline remain supportive, and we continue to be well-placed for when the macro-economic environment improves."

In December, the firm said revenue for year ended on September 30 was GBP341.0 million. Pretax profit was GBP87.7 million, while underlying pretax profit was GBP95.6 million.

Current stock price: 1,432.00 pence each, up 0.7% on Thursday morning in London

12-month change: down 19%

By Xindi Wei, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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