Victrex sales up 13% as FD departs
POLYMERS and plastics specialist Victrex said its full year sales volumes had risen 13% and it expects to meet profit forecasts.
The FTSE 250 company, based at Thornton Cleveleys, Lancashire, is the leading global manufacturer of Peek, a high-grade plastic used in cars, aeroplanes and factory machinery.
In a stock market update today it said revealed its finance director, Peter Bream, has left the business to be replaced from within, by Steve Barrow,
Barrow has been with Victrex for 17 years, and is currently finance director of subsidiary Victrex Polymer Solutions. He has also previously he served as deputy group FD.
In its update Victrex said sales volumes in the year to September 30 rose 13% to 2,860 tonnes.
Full year revenue for its biomaterial solutions business Invibio was up 12% to £49.7m, despite challenging market conditions.
The business has continued to perform well this month, but sounding a not of caution, it said: “We remain vigilant of the uncertain macroeconomic indicators and the potential impact on our customers and markets.”
The company added: “The group remains in an excellent financial position with a healthy balance sheet and strong cash generation. We believe we are well placed to pursue future growth and investment opportunities across both our VPS and Invibio businesses.”
