6th Dec 2022 10:11
(Alliance News) - Victrex PLC on Tuesday said its pretax profit increased in its recent financial year as the company achieved "record" revenue in its Industrial division.
The Lancashire, England-based speciality chemicals firm reported a pretax profit of GBP95.6 million in the year ended September 30, up 4.3% from GBP91.7 million the year before.
Revenue grew 11% to GBP341.0 million from GBP306.3 million the year prior. This was driven by an 11% increase in Victrex's Industrial revenue to GBP282.7 million from GBP255.2 million, following an improved sales mix and "greater" commercialisation of its Aerospace composite business.
Victrex said Medical revenue also aided the overall revenue growth, rising 14% to GBP58.3 million from GBP51.1 million the year before.
Victrex declared a final dividend of 46.14 pence, unchanged from the year before. This brings Victrex's total dividends for the year to 59.56p per share, down from 109.56p per share in financial 2021.
"Several end-markets are yet to fully recover from the effects of the pandemic, and we continue to see good growth opportunities across the group," Chief Executive Jakob Sigurdsson said.
"However, we are mindful of the uncertain macroeconomic outlook for 2023 and some signs that Value Added Resellers volumes are edging down slightly, to more normalised levels. This means the opportunity to improve on last year's record group volume is likely to be challenging."
Sigurdsson added that Victrex faces further and "significant" energy and raw material inflation, although additional pricing actions are in progress, with a timing lag.
Victrex shares were down 2.4% to 1,740.00p on Tuesday morning in London.
By Jaskeet Briah, Alliance News reporter
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