Victrex PLC on Tuesday reported a lower profit in the first half of financial 2023 as sales, marketing & administrative expenses increased and volumes were lower.

The polymer solutions company’s pretax profit fell to £39.1 million from £43.6 million a year prior.

Victrex explained that pretax profit fell on lower volumes, cost inflation and targeted investment. Sales volumes fell by 14% to 1,941 tonnes from 2,264 tonnes.

Victrex declared an interim dividend of 13.42 pence per share, unchanged year-on-year.

‘Our first half performance was driven by strong pricing, an improved sales mix and currency, with revenue up 1%, despite a softer macro-economic environment, resulting in weaker volumes, compared to a record financial 2022,’ said Chief Executive Officer Jakob Sigurdsson.

Looking ahead to financial 2023, ending September 30, the company expects pretax profit to be in line with financial 2022’s £87.7 million.

‘Victrex remains well placed for the medium to long term, with a strong core business, growing commercialisation in our mega-programmes, a highly cash generative business model, and strong environmental, social & governance credentials,’ the firm said.

Shares in Victrex were down 8.3% at 1,502.00p in London on Tuesday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.