Strong second half sales for Victrex as FD departs
LANCASHIRE polymers specialist Victrex has reported strong second half trading.
The FTSE 250 company, based in Thornton Cleveleys, Lancashire, is the leading global manufacturer of Peek, a high-grade plastic used in cars, aeroplanes and factory machinery.
In a brief interim management statement covering the period from April 1 the company said sales have remained strong in the second half.
Sales volume for the four months to the end of July totalled 940 tonnes. Invibio, its biomaterial division which supplies medical device manufacturers, continued to trade in line with expectations. Revenues are expected to be in line with the first half.
“The group remains in a strong financial position with a healthy balance sheet and good cash generation and there have been no significant changes in the financial position of the company since March 31,” said Victrex.
The group’s products are used for a wide range of applications, from flame-proofing aircraft to coating rollers in cake factories.
* Finance director Michael Peacock is to retire after 10 years with the firm. His replacement is Peter Bream, currently finance director at Manchester-based industrial group Renold.
Mr Peacock will step down from the board on October 7 when the company reports its annual results but he will stay on at the company until February 28.
