7th Apr 2016 06:28
LONDON (Alliance News) - Victrex PLC on Thursday said revenue fell in the first half of its financial year, in line with its expectations, but it still expects improvements in the second half.
The FTSE 250-listed polymer products company, which makes pipes, films and coatings, said revenue fell 11% in the six months to the end of March to GBP117.0 million from GBP131.6 million a year earlier, while volumes declined 13%.
Victrex said the first half had been hit by the re-phasing of volumes in its consumer electronics business to the second half, by tough year-before comparatives, and by the difficult conditions in oil and gas end markets.
Industrial markets outside of oil and gas performed well, the group said, with growth in its transport sales and broadly flat revenue for its medical division.
Victrex expects the second half to improve, driven by an encouraging performance in the second quarter and by the re-phasing of the consumer electronics orders.
The company will publish full interim results on May 16.
"We retain our view of an overall improvement in the second half and are comfortable with current expectations for the full year as a whole," said Victrex Chief Executive David Hummel.
By Sam Unsted; [email protected]; @SamUAtAlliance
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