Victrex 1Q revenue up 45%, sees possible upside to expectations
Source - SMW
Plastics provider Victrex said revenue in the first quarter was up 41% on-year, as a strong performance in its industrial business offset a slightly weaker performance in its medical business.
Revenue grew to £78.7m, compared to a weaker comparative quarter the year before. Sales volumes of 1,051 tonnes were 30% ahead of the prior year.
Revenue growth also reflected currency hedging, sales from the acquisition of Zyex and a large volume of consumer electronics orders, Victrex said.
'Excluding these items, our underlying momentum is broadly unchanged from the positive performance we saw in the second half of 2017.'
Looking forward, chief executive Jakob Sigurdsson said: 'If the strength in our industrial business continues to offset weakness in medical, it could offer a limited degree of upside potential to expectations, although it remains very early in the year and our underlying momentum is broadly unchanged from the second half of 2017.'
"Our priorities for 2018 are to remain focused on driving growth, on cost efficiency and to show further progress in our polymer & parts strategy.'