Victrex plc (VCT)

Sector:

Industrial Chemicals

Index:

FTSE 250

782.00p
   
  • Change Today:
      1.00p
  • 52 Week High: 1,290.00
  • 52 Week Low: 722.00
  • Currency: UK Pounds
  • Shares Issued: 87.05m
  • Volume: 2,127,820
  • Market Cap: £680.75m
  • RiskGrade: 112
  • Beta: 0.03

Victrex sees H1 profits drop, expects H2 improvement

By Benjamin Chiou

Date: Monday 13 May 2024

LONDON (ShareCast) - (Sharecast News) - High-performance polymers group Victrex said underlying profits dropped by a third in the first half after an 11% drop in volumes, though results did see a sequential improvement in the second quarter.
The company said interim numbers were in line with guidance as it projected further growth in the second half, compared to the first half and the second half of 2023.

Group sales volumes totalled 1,737 tonnes in the six months to 31 March, down from 1,941 tonnes the year before, with medical revenues 19% lower due to industry destocking.

The decline, along with a 4% fall in average selling prices, led to a 14% decrease in group revenues to £139.3m.

However, second-quarter volumes rose 31% compared with the first quarter, and were broadly flat against last year.

Despite a 13% fall in operating expenses, underlying profit before tax (PBT) was £28m, down 34% on the year before, held back by Medical trading, higher cost inventory and lower asset utilisation.

"Recent improvement in some end-markets underpins our focus on volume, revenue and profit growth during the second half, compared to H1 and also versus H2 2023," said chief executive Jakob Sigurdsson.

"A continuation of current monthly run-rates - based on the H1 exit rate and Medical improvement - would support a slightly better PBT performance in H2 2024, compared to H2 2023. Further improvement, beyond these levels, relies on a faster rebound from recent Medical headwinds."

As previously indicated, Victrex doesn't expect to return to PBT growth for the year as a whole, but said that growth prospects for next year "look encouraging" if recent end-market improvements continue.

"We have confidence in our mid-to-long-term opportunities, with a diversified core business, increasing commercialisation in our mega-programmes, well invested assets, enhanced capability in our global team and the opportunity for cashflow improvement," Sigurdsson said.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Victrex plc Market Data

Currency UK Pounds
Share Price 782.00p
Change Today 1.00p
% Change 0.13 %
52 Week High 1,290.00
52 Week Low 722.00
Volume 2,127,820
Shares Issued 87.05m
Market Cap £680.75m
Beta 0.03
RiskGrade 112

Victrex plc Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
22.10% above the market average22.10% above the market average22.10% above the market average22.10% above the market average22.10% above the market average
28.57% above the sector average28.57% above the sector average28.57% above the sector average28.57% above the sector average28.57% above the sector average
Price Trend Not Available
Income
86.05% above the market average86.05% above the market average86.05% above the market average86.05% above the market average86.05% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
97.02% below the market average97.02% below the market average97.02% below the market average97.02% below the market average97.02% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average

What The Brokers Say

Strong Buy 4
Buy 3
Neutral 4
Sell 1
Strong Sell 1
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Victrex plc Dividends

  Latest Previous
  Interim Final
Ex-Div 29-May-25 23-Jan-25
Paid 27-Jun-25 21-Feb-25
Amount 13.42p 46.14p

Trades for 29-May-2025

Time Volume / Share Price
17:05 2,000 @ 782.00p
16:35 38,945 @ 782.00p
16:35 501 @ 782.00p
16:35 281 @ 782.00p
16:35 1,062 @ 782.00p

Victrex plc Key Personnel

CEO Jakob Sigurdsson

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