Special divi brings Christmas cheer to Victrex shareholders
LANCASHIRE plastics manufacturer Victrex is handing £43m to shareholders in a special dividend after recording another year of strong growth.
The 50p a share pay out came as the Thornton Cleveleys firm, which makes polymers used in smartphones, aeroplanes cars and medical devices, reported 9% growth in pre-tax profits to £102.7m in the year to September. Revenues grew by 14% to £252.6m.
The special dividend is being paid alongside a final payment of 33.76p a share.
The business has two divisions: Victrex Polymer Solutions, which focuses on transport, industrial and the electronics market; and Invibio Biomaterials which supplies medical device manufacturers.
Chief executive David Hummel said: “Victrex delivered a strong performance in 2014, which reflects our focused growth strategy. We outperformed in our Victrex Polymer Solutions (VPS) business during the first half, secured new business in consumer electronics during the second half and recorded good growth in our higher margin Invibio and speciality products businesses.
“We are pleased to be announcing a proposed special dividend of 50p per share, in addition to a final dividend of 33.76p. This reflects our strong cash position, even after the significant capital investment in new manufacturing capacity, alongside our robust financial position. It also reinforces our continued confidence in the future prospects for our business.”
