Victrex 'cautious' on auto, electronics outlook as it posts a 14% drop in Q3 revenue
Source - SMW
Polymer solutions company Victrex reported a 14% drop in third-quarter revenue as growth in its aerospace, energy and medical sectors was offset by declines in its automotive and electronics businesses.
Sales volumes fell 21% to 912 tonnes over the period from 1 April to 30 June while revenue slumped 14% to £72m.
Looking forward, the company said it remained 'cautious' on its automative and electronics businesses amid continued weakness in the sector and the latest macro-indicators.
'Whilst we do not expect a recovery in these markets during the final quarter, our own sales and innovation activity, together with slightly better comparatives, offers the opportunity to deliver a more stable performance for the remainder of our financial year,' the company said.
'Victrex remains in a good position for the medium to longer term. Through our Polymer & Parts strategy we have the opportunity to drive growth in our core business, further increase our differentiation through our strong pipeline of new products and deliver attractive returns to shareholders,' it added.
At 8:57am: (LON:VCT) Victrex PLC share price was -88p at 1978p