StockMarketWire.com - High performance polymer solutions business, Victrex, has today reported a 6% rise in revenue for the first quarter when compared with 2019.

The Group said that revenue for Q1 as a whole reached £67.7 million, compared with £64.1 million for the same period in 2019, with Q1 Group sales volume of 877 tonnes being up 7% on the prior year.

On a year to date basis, the Group remains ahead of last year, with performance in January being broadly in line with the strong January of the prior year.

The Group said its pipeline of 'mega-programmes' remains strong, having acquired the remaining equity in the TxV Aero Composites business from Tri-Mack.

Its US facility in Rhode Island continues to manufacture a range of composite products, delivering commercial and prototype revenue, while in Magma, Victrex is currently supporting the qualification pipe project for TechnipFMC's new Hybrid Flexible pipe targeted at opportunities in Brazil.

Several smaller projects are also expected to deliver revenue this year, including in the Gulf of Mexico, North Sea and West Africa. In its PEEK Knee programme, Victrex is moving closer to securing a second partner, as well as progressing discussions with major OEMs in this market.

As previously communicated, Victrex completed a class 2 transaction on January 13, 2020, to create a joint venture in China which will, subject to certain performance conditions, build and operate a 1,500 tonne PEEK manufacturing plant to serve that market.

Commissioning of the facility is anticipated in early 2022, with Victrex's share of the overall investment expected to total £32m.



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