REG - Victrex PLC - Q1 Trading Update

VictrexAnnouncement

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RNS Number : 9609R  Victrex PLC  06 February 2026

 

6 February 2026

Victrex plc - AGM & Q1 trading update

'YTD volumes in line with prior year: FY guidance maintained'

Victrex plc is an innovative world leader in high performance polymer
solutions, focused on the strategic markets of Automotive, Aerospace, Energy
& Industrial, Electronics and Medical. Today's trading update covers the
first quarter (Q1) of FY 2026, from 1 October 2025 to 31 December 2025.

 

Q1 performance summary

 

o Q1 (3 months ended 31 December 2025) volumes reduced by 4%, reflecting
growth in Energy & Industrial offset by a more subdued performance in
Transport, Value Added Resellers (VARs) and Medical

o Average selling price (ASP) was broadly in line with the prior year

 

                          Quarter ended 31 December 2025 (Q1)
                          Q1 2026                     % change

                                        Q1 2025
 Sales volume (tonnes)    858           898           -4%
 Revenue (£m)             62.4          66.6          -6%
 ASP (£/kg)               73            74            -2%

 

Year to date ('YTD') performance

 

·      YTD (4 months ended 31 January 2026) volumes in line with prior
year, with January recovering some of the shortfall from a weaker December

·      YTD revenues slightly lower than prior year, primarily reflecting
sales mix

·      As previously communicated, FY 2026 performance is expected to be
weighted to the second half

·      Performance in H1 2026 is expected to be weaker than H1 2025,
reflecting the weaker end to Q1 and the currency headwind being weighted to
the first half

 

Divisional and end-market performance

In our Sustainable Solutions business, Energy & Industrial continues to
perform well as activity levels remain healthy within this end market. Whilst
VARs saw a slower start in Q1, momentum improved at the start of Q2. YTD
volumes in VARs are now ahead of the prior year.

Medical revenues remain slightly below the prior year on a YTD basis, with
January seeing the normal seasonal improvement over Q1.

 

Financial position

Net debt at 31 December was £21.1m, with cash of £28m. This is prior to
payment of the FY 2025 final dividend (46.14p/share), totalling approximately
£40m, later this month. Total dividends per share for FY 2025 were 59.56p.

 

Profit Improvement Plan

Actions are progressing at pace to deliver our Profit Improvement Plan which
is focused on three pillars: Portfolio simplification, operating efficiency
and overhead costs. We are targeting annualised cost savings of at least £10m
to be realised in FY 2027, with some initial benefits during the latter part
of H2 2026. We will provide an update on progress at our interim results.

 

Outlook: full-year guidance unchanged

Dr James Routh, Chief Executive Officer of Victrex, said:

 

"The start of FY 2026 reflected usual Q1 seasonality, alongside a subdued
performance across some end-markets. On a year to date basis, our second
quarter started solidly, with YTD volumes now in line with the prior year.
Whilst we continue to be mindful of wider macroeconomic conditions, our full
year guidance remains unchanged. As previously communicated, performance will
be weighted to the second half. The first half is expected to be weaker than
the prior year.

 

"At this early stage of my tenure, I have been impressed with our innovation
know-how, our breadth of growth opportunities and the passion of our talented
people to rapidly adapt and improve our financial performance. FY 2026 will be
a transitional year, with our Profit Improvement Plan helping us become a more
efficient, growth focused and performance oriented company. By further
differentiating our business and creating a more agile and customer-focused
organisation, we will unlock Victrex's potential and better position the
company for sustainable growth over the medium to longer term."

 

Annual General Meeting

Victrex's Annual General Meeting will be held today, starting at 11.00am GMT
and taking place at JP Morgan, 1 John Carpenter Street, London EC4Y 0JP,
United Kingdom.

 

Victrex plc:

 Andrew Hanson, Director of Investor Relations, Corporate Communications &                                               +44 (0) 7809 59583
 ESG
 Ian Melling, Chief Financial                                                                                            +44 (0) 1253 897700
 Officer

 Dr James Routh, Chief Executive                                                                                         +44 (0) 1253 897700
 Officer

 

About Victrex:

Victrex is an innovative world leader in high performance polymer solutions,
focused on the strategic markets of Automotive, Aerospace, Energy &
Industrial, Electronics and Medical. Every day, millions of people rely on
products or applications which contain our sustainable materials, from
smartphones, aircraft and cars to energy operations and medical devices. With
over 40 years' experience, we are moving beyond the polymer into semi-finished
and finished products which shape future performance for our customers and our
markets, enable environmental and societal benefit for our customers and drive
value for our shareholders. Find out more at www.victrexplc.com
(https://www.victrexplc.com/)

 

Forward looking statements:

This announcement has been prepared solely to provide additional information
to the shareholders of Victrex plc, to meet the requirements of the FCA's
Disclosure and Transparency Rules. It should not be relied on by any other
party, for any other purposes. Forward-looking statements have been made by
the directors in good faith, using information available up until the date on
which they approved this statement. Forward-looking statements should be
regarded with caution, because of the inherent uncertainties in economic
trends and business risks.

 

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