StockMarketWire.com - Plastics producer Victrex posted a 15% rise in full-year profit, buoyed by its industrial division, though sales volumes decreased in the second half due to weakness in the automotive sector.

Pre-tax profit for the year through September rose to £127.5m, as revenue rose 12% to £326.0m.

Industrial revenue jumped 14%, while medical revenue grew by a more modest 3%.

The company declared an annual dividend of 142.2p per share, up 17% on-year.

Sales volumes grew 10%, though second-half growth slowed due to a large consumer electronics order being fulfilled in the first half and some weakness in automotive.

Excluding the effect of the large consumer electronics order, sales volume growth fell to 6% in the second half, down from 13% in the first half.

'For 2019, our expectation is for continued momentum in our core polymer business and milestones in our mega-programmes,' chief executive Jakob Sigurdsson said.

'We expect to make good progress on a constant currency basis, however, adverse currency, no expected volumes in consumer electronics and recent market softness in automotive may hold back our ability to substantially improve on our overall 2018 performance, with these headwinds falling mainly in the first half.'

'A better second half, compared to the prior year, is our current assessment and with strong structural growth opportunities and a healthy new product pipeline, we continue to be well-placed for the medium and long term.'




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