19th May 2015 07:17
LONDON (Alliance News) - Polymer products company Victrex PLC Tuesday said its pretax profit rose 10% in the first half of its financial year on the back of a solid rise in revenue, as a good performance in its Polymer Solutions arm offset weaker trading in its oil and gas business.
FTSE 250-listed Victrex said its pretax profit for the half-year to the end of March was GBP53.9 million, up from GBP48.9 million a year earlier, as revenue rose 9% to GBP130.3 million from GBP120 million.
The group said its Victrex Polymer Solutions arm performed well, offsetting lower sales into oil and gas markets. The Invibio components business also struggled, with sales down 4% due to consolidation in some key markets in the period, which hit order patterns from some major customers. Victrex said it is focusing on improving Invibio's performance in the second half.
The group also hiked its interim dividend 3% to 11.73 pence, from 11.39 pence a year earlier.
"For the second half year, we are mindful of the tougher comparatives and the ongoing caution in the Oil and Gas market. Foreign currency remains a considerable headwind although we still expect to fully overcome the impact through our positive growth momentum. Consequently, Victrex continues to be well positioned for profit progress over the full year," said Chief Executive David Hummel.
Shares in Victrex were up 0.6% to 2,048.00 pence just after the open on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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