Victrex battles lower oil and gas sales

CHEMICAL company Victrex has enjoyed £130.3m revenue – 9% up on the previous year.

In its half year and pre-close trading statement the Fylde-based firm reported a group sales volume of 2,028 tonnes, up 28% (H1 2014: £119.9m).

The company says the first half performance reflects a continuing positive contribution from Consumer Electronics and slightly lower sales from its Invibio medical business.

Group gross margins saw improvement compared to the first half of 2014, indicating better manufacturing efficiencies.

Meanwhile Victrex Polymer Solutions’ (VPS) lower sales in oil and gas were offset by growth in other markets.

Invibio’s performance reflected the impact from industry consolidation in the US during Q1, with revenue of £25.9m down 4% on the previous year (H1 2014: 26.9m).

Chief executive David Hummel said: “Victrex delivered a good first half performance overall. Although we are mindful of the tougher comparatives for the second half and the continued caution in the oil and gas market, we remain well positioned for progress over the full year.”