21st Jul 2015 06:39
LONDON (Alliance News) - Specialty chemicals company Victrex PLC on Tuesday said its trading in the third quarter was solid, against tough comparables from the year before, as it also said it has struck a deal to buy a US-based polymer gears manufacturer for USD6 million in cash.
The FTSE 250-listed company said its trading in the three months to the end of June was solid, with revenue broadly flat year-on-year at GBP64.5 million, against GBP64.2 million. Group sales volumes in the quarter hit 1,070 tonnes, up 17% year-on-year.
The group said it continued to see growth across its industrial markets in the quarter, which is offsetting weaker sales to the oil and gas industry and a weaker contribution from its Invibio medical business.
Victrex added it has acquired Kleiss Gears, a polymer gears manufacturer based in the US, for USD6 million, part of a push by the company to shift its oil and gas-related business to the downstream segment.
For the full-year, Victrex said it still expects to meet its expectations for the full year, despite the continued challenges in the oil and gas markets and the weakness at Invibio, plus any translation effects it is feeling from the weakness of the euro.
By Sam Unsted; [email protected]; @SamUAtAlliance
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