REG - Victrex PLC - Interim Management Statement <Origin Href="QuoteRef">VCTX.L</Origin>

VictrexAnnouncement

06/09/2014 22:35

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RNS Number : 6728N
Victrex PLC
30 July 2014 
 
30 July 2014 
 
Victrex plc - Interim Management Statement 
 
"Strong and broad based performance continues - trading in-line with
expectations" 
 
Victrex plc, an innovative world leader in high performance polymer solutions,
today releases its Interim Management Statement for the period 1 April 2014 to
date. 
 
Victrex continued its strong and broad based performance during the period.
Third quarter Group sales volume, covering the period 1 April to 30 June, of
911 tonnes was 21% ahead of the prior year (Q3 2013: 756 tonnes), which
reflects continued momentum in our core Victrex Polymer Solutions (VPS)
business, good growth in Speciality Products and some new business in the
Consumer Electronics market. Year to date sales volume of 2,495 tonnes was up
16% on the prior year (Q3 2013 YTD: 2,147 tonnes). In our Invibio medical
business, Q3 revenue was 3% ahead of the prior year period, which saw the
start of recovery in the Spine market. 
 
Our Consumer Electronics opportunity, as highlighted at our interim results,
will come through at a slightly softer margin than typical VPS business. As
shorter lifecycle business, it will also be hedged at less favourable currency
rates than the rest of the Group. Consumer Electronics has, historically, been
one of the shorter lifecycle portions of the Group's portfolio, compared to
our other longer lifecycle, high margin and high volume opportunities which we
are focusing on. This opportunity, together with the current growth trends
across core VPS and Speciality Products, keeps us well placed to continue our
growth momentum through the rest of the second half and into 2015, with fourth
quarter trading to date remaining positive across our business. 
 
Looking forward, Sterling has continued to strengthen since our interim
results in May and remains a considerable headwind for our next financial
year. Our new capacity investment continues to be on track for commissioning
in early 2015, to underpin core growth and new business opportunities and,
despite our high capital expenditure programme, the Group's cash position
remains strong. There have been no significant changes to the Company's
financial position since our interim results announcement. 
 
With our growth momentum remaining strong and a robust outlook across our
markets, we continue to trade in line with market expectations. 
 
Enquiries: 
 
Victrex plc: 
 
Andrew Hanson, Head of Investor Relations                                     
                    +44 (0) 1253 898121 
 
Louisa Burdett, Group Finance Director                                        
                       +44 (0) 1253 897700 
 
MHP Communications: 
 
Nick Denton / James White                                                     
                          +44 (0) 203 128 8600 
 
About Victrex: 
 
Victrex is an innovative world leader in high performance polymer solutions
focused on the Aerospace, Automotive, Electronics, Energy and Medical markets.
Every day, millions of people rely on products or applications which contain
our polymers, from smartphones, aeroplanes and cars to oil & gas operations
and medical devices. With over 35 years' experience, we are investing in
technical excellence to deliver leading edge solutions to our customers and
our markets, and to drive value for our shareholders. Find out more at
www.victrexplc.com 
 
Investor and analyst call: 
 
A call for investors and analysts will be held today, Wednesday 30 July at
09.00 UK time. For dial in details please contact James White at MHP
Communications, james.white@mhpc.com or +44 (0) 203 128 8600 
 
Next announcement: 
 
Victrex will release its full year trading update on Thursday 9 October 2014. 
 
This information is provided by RNS
The company news service from the London Stock Exchange