StockMarketWire.com - Polymer solutions company Victrex has reported group revenue, group sales and pre-tax profits were down in the 12 months ended 30 September 2019 but that full-year performance was in line with expectations.

It said group revenue was 10% lower on the prior year at £294m, impacted by the weaker trading performance but with an improved sales mix.

Underlying group profit before tax declined 17% on the prior year to £106.2m, which the company said reflected weaker trading, adverse currency, and raw material and energy inflation.

Group sales volume of 3,751 tonnes was down 15% on the full-year 2018 of 4,407 tonnes, which Victrex said mainly reflected the cyclicality in automotive and the associated impact on its value added resellers segment.

It also saw an impact from the weaker electronics market, with both semiconductor and smartphone markets down, as well as 'a tough year-on-year comparative' for its large consumer electronics contract, with 'negligible' volumes in the full-year 2019.

Chief executive Jakob Sigurdsson said: 'Our full-year performance was in line with expectations, with good growth in aerospace, energy and medical being offset by a deterioration during the second half in automotive, electronics and value added resellers, although these end markets are gradually stabilising.

'Pleasingly, we saw further progress in our new product pipeline and mega-programmes.'






Story provided by StockMarketWire.com