7th Apr 2020 10:46
(Alliance News) - Victrex PLC on Tuesday said it continues its operations, monitoring appropriate guidelines and assessing other cash conservation measures as required.
The supplier of polymers reported solid volume growth in the six months to the end of March, with "good" growth in Automotive and Medical, a stable performance in Aerospace, Electronics and Value-Added Resellers, but weakness in Energy.
The company said it retains a strong balance sheet to maintain customer, supplier and investor confidence and to ensure it has sufficient resources to invest and underpin future growth.
Victrex reported facilities of GBP40 million and net cash position as of the end of March of GBP42.2 million.
Looking forward, the company said it has established a Covid-19 committee at the start of 2020, with a proactive approach and a range of contingency plans already implemented.
Victrex said it continues to serve its clients from home offices, following government guidance wherever it operates.
Overall, the company said its trading has remained in line with expectations year-to-date, and the third quarter has shown early signs of a solid start, including some normal demand returning across parts of Asia.
However, Victrex noted that the macroeconomic and end-market outlook over the coming months is very uncertain, particularly for Europe and the US.
Victrex will report its interim results on May 11, it said.
The stock was trading 2.3% higher in London on Tuesday at 1,923.00 pence a share.
By Evelina Grecenko; [email protected]
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