Member Article

Lancashire’s Victrex report revenue of £252.6 million despite currency headwinds

Thornton Cleveleys-based Victrex has reported revenue up 14% on that of last year.

The polymer solutions company recorded revenue of £252.6 million.

The group also report that pre-tax profit is up 9% at £102.7 million.

However Victrex did experience a £2.3 million adverse impact on profits as major trading currencies moved against the pound.

It says that currency will remain a considerable headwind for the next financial year.

The company attribute its success to higher margin speciality products in its polymer solutions division and a focused strategy of accelerating growth across their five chosen markets of Automotive, Aerospace, Energy, Electronics and Medical.

Chief Executive of Victrex, David Hummel, said: “Victrex delivered a strong performance in 2014, which reflects our focused growth strategy.

“We outperformed in our Victrex Polymer Solutions (VPS) business during the first half, secured new business in Consumer Electronics during the second half and recorded good growth in our higher margin Invibio and Speciality Products businesses.

“We are pleased to be announcing a proposed special dividend of 50 pence per share, in addition to a final dividend of 33.76p.

“This reflects our strong cash position, even after the significant capital investment in new manufacturing capacity, alongside our robust financial position.

“It also reinforces our continued confidence in the future prospects for our business.

“Looking forward, our new PEEK and Aptiv film capacity investments will put Victrex in a good position to capture more impactful and value creating business over the coming years.

“Our 2015 financial year has started well and although currency headwinds remain considerable, we now anticipate being able to fully cover the FX impact, reflecting our positive trading momentum and more recent exchange rates.

“With a continued focus on growth and efficiency, Victrex remains well placed for the year ahead.”

This was posted in Bdaily's Members' News section by Sophia Taha .