11th Oct 2016 06:31
LONDON (Alliance News) - Chemicals company Victrex PLC on Tuesday said trading improved in the second half of its financial year, as it had hoped, leaving the group in line for the year to the end of September
The polymer products firm, which makes pipes, films and coatings, said its Aerospace and Automotive divisions both performed well, while its Oil & Gas unit saw conditions stabilise following a difficult recent period in its end markets.
Consumer Electronics sales surged higher in the fourth quarter, Victrex said, with volumes in the second half more than double those in the first.
Group revenue for the year, however, will be down around 4.0% year-on-year to GBP252.3 million, as Consumer Electronics sales for the full year declined around 30% despite the uptick in the fourth quarter.
Victrex said its core business remains robust but said it is taking a "mindful" approach to its 2017 financial year amid expectations for Consumer Electronics volumes to fall further.
By Sam Unsted; [email protected]; @SamUAtAlliance
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