8th Oct 2015 06:39
LONDON (Alliance News) - Specialty chemicals company Victrex PLC on Thursday said it delivered a good finish to the end of its financial year, with a robust fourth quarter and overall trading across its divisions which was sufficient to offset challenges from the downturn in the oil and gas industry and tough markets for its Invibio unit.
The FTSE 250-listed firm said revenue for the full year to the end of September was 4.0% higher year-on-year to GBP263.5 million, with fourth quarter revenue coming in flat at GBP68.7 million.
Victrex said its portfolio helped to drive overall growth in revenue and offset the downturn in sales it saw from oil and gas end markets and the challenges felt from consolidation in the US spine market, which hit its Invibio medical-device business.
Group sale volumes in the year rose to 4,217 tonnes of polymer products, up 19% year-on-year, with robust momentum in aerospace, automotive, general industrial and consumer electronics markets offset the oil and gas weakness.
Victrex said that while it is mindful of the issues faced in the oil and gas markets and the need to improve the performance of Invibio in the new financial year, it remains confident its balance portfolio will be strong enough to offset any issues.
By Sam Unsted; [email protected]; @SamUAtAlliance
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