Victrex revenues up in face of oil, gas and currency difficulties
LANCASHIRE-based advanced polymer specialist Victrex has battled currency headwinds and weakness in oil and gas markets to reporting a 4% increase in revenue to £263.5m (2014: £252.6m).
Profits for the year ended September 30 will take a £8m hit as a result of foreign currency headwinds, although the company says it will “fully overcome” the blow.
The Thornton-Cleveleys company’s full year sales volume of 4,217 tonnes was 19% ahead of the prior year (2014: 3,551 tonnes).
In its full year pre-close trading statement, Victrex said: “We delivered a good finish to 2015, with overall performance in line with our expectations, including a robust fourth quarter.
“For the year as a whole, the value of our balanced portfolio helped to drive growth and fully overcome headwinds including weaker sales in oil and gas, the effects of US Spine market consolidation on our Invibio medical business and the significant impact from foreign currency this year.”
The company said its overall growth momentum remains positive at the start its new financial year.
It said: “Whilst we are mindful of the continuing weakness in oil and gas and the need to improve Invibio performance in 2016, our balanced portfolio keeps us well placed to continue driving growth and creating value, in line with our long term strategy.”
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