Polymer specialist wraps up H1 growth to £131m

Lancashire-based  polymer specialist Victrex is celebrating a 12% revenue increase to £130.9m and a 5% boost in its pre-tax profits to £50.1m.

The listed company’s performance in the six months to March 31 has been helped by the acquisition of Zyex PEEK fibres (for £10m) and a joint venture with TxV Aero Composites for new and differentiated aerospace products.

Chief executive of Thornton Cleveleys-headquartered Victrex, David Hummel, said: “Victrex delivered a positive performance across most of our markets in the first half, with the strength of our core business offsetting much lower year on year volumes in consumer electronics.

“Automotive, electronics (ex-consumer) and value added resellers performed particularly well whilst as anticipated, Medical remains muted, reflecting the maturity of the US spine market.

“Our investments to support our polymer & parts strategy include a joint venture for new and differentiated aerospace products and our Zyex PEEK fibres acquisition, which will enhance our semi-finished and differentiated products offering.”