H1 profits dip at Victrex

HIGH-tech plastics manufacturer Victrex has reported a 1% fall in first-half profit, hurt by weaker demand at its orthopaedic and dental implants business.

Profits at the Lancashire company fell to £45.7m in the six months ended March 31 from £46.2m year earlier. Revenue nudged ahead 1% to £106.4m.

The group comprises two divisions – Victrex Polymer Solutions, which focuses on transport, industrial and the electronics market, and Invibio Biomaterial Solution provides specialist solutions for medical device manufacturers.

Volume in Europe of 767 tonnes was 8% ahead of the prior year, driven by growth in the non-implantable medical and transport markets, the group said. In the US, sales volume of 388 tonnes was 4% below the prior year with weaker sales for the period in the oil and gas sector partially offset by increased sales into consumer electronics.

In Asia, sales volume of 237 tonnes was 10% down on the prior year which the group said was mainly due to a slowdown in sales into the semi-conductor sector and the challenges faced by the Japanese market. Outside of Japan, sales volume was broadly in line with the prior year.

Chairman Anita Frew said: “We are pleased to report that group revenue and earnings per share for the first half of our financial year are ahead of the same period for last year, despite the continued economic challenges faced by some of our end markets.”