8th Apr 2014 07:58
LONDON (Alliance News) - Victrex PLC Tuesday said trading in its first half continued to show positive growth momentum, with increased sales volumes, particularly in its second quarter.
The polymer products company said sales volumes for its first half ended March 31 was up 14% to 1,584 tonnes from 1,392 tonnes in the same period the previous year, based on second quarter volumes which were well ahead of company expectations.
Victrex said its first-half performance reflected general growth across its strategic markets and noted that at Invibio, its biomaterials business, revenues were up 11% to GBP26.9 million from GBP24.2 million due to steady recovery in the spine market, where polymers are used for the treatment of degenerative spinal disorders.
In February, Victrex had said its performance during the first quarter was in line with its expectations, stating that sales were up 6% on the comparable period, reporting 679 tonnes, up on the 640 tonnes reported for the first quarter of 2013.
"We have made an encouraging start to 2014, with first quarter performance ahead of the prior year and continuing our momentum from the second half of 2013. Although it remains early in our new financial year and our expectations are unchanged, we remain encouraged by the potential across our business," Chairman Anita Frew said in a statement during February.
The company said on Tuesday that despite its growth in the first half, it is mindful that its second half will have a much tougher comparison and noted that currency is expected to have a more negative impact during the current year and particularly into its next financial year.
Victrex shares were bid down 0.1% to 2,013.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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