Victrex has strong H1, but flags up currency concerns

LANCASHIRE-based Victrex, the developer and manufacturer of high performance polymers, said that while it has had a strong first half year, the second half will be much tougher.

In a trading update ahead of its results for the six months to March 31, the company said it was particularly mindful of adverse currency movements in the second half.

Victrex, which exports much of its products, said trading in the second quarter of the current financial year had not only continued to be positive, but sales volumes were “well ahead of our expectations.”

Group sales volume for the first half of 1584 tonnes was 14% ahead of the softer volume comparative in the prior year (H1 2013: 1392 tonnes)

The company was more cautious on the outlook for the rest of the year, stating: “Looking forward, whilst first half growth was particularly strong, we remain very mindful of a much tougher year on year comparative for the second half, and of currency headwinds.

“Currency is now expected to have a more adverse impact during the current year and particularly into our next financial year. As Victrex enters the second half, and as our full year expectations remain underpinned, we will continue to focus on driving growth and creating value across our strategic markets.”

The company will reveal its half-year figures on May 20.