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We remain committed to working with customers and end users to understand their current needs and future opportunities. This directs our investment in resources which are targeted to drive new application development, the key growth programmes for the future and the quality of our products and services. Innovation is key for growing the market for our products and is a critical differentiator for our business. We continue to invest in a broad range of activities including product and process improvements, pro-active customer technical support and joint development programs with customers and end users as we explore new applications and markets for our products. To this end we have invested in new technical facilities in the UK and Japan and research and development expenditure in the year has increased to £13.1m (2011: £10.5m) representing 6% of revenue (2011: 5%). This continued investment in the business has, however, been more than offset by lower costs associated with elements of staff remuneration which are linked to underlying business performance. Resulting total sales, marketing and administrative expenses reduced by 2% to £51.7m (2011: £52.6m). Group profit before tax of £94.5m (2011: £94.2m) and basic earnings per share of 85.7p (2011: 85.3p) were both marginally ahead of the record results achieved last year. Earnings also benefitted from an improvement in the effective tax rate to 23.9% (2011: 24.5%) predominantly reflecting the reduction in the UK corporation tax rate.
Final results statement for the year ended 30 September 2012 On behalf of the Board, I am pleased to report that we have delivered another year of record performance in Victrex, despite the challenging global economic environment. Strong new business commercialisation in our Victrex Polymer Solutions ('VPS') business and growth in the developing markets of our Invibio Biomaterial Solution ('Invibio') business have driven this year's success. Group financial results Group sales volume for the year increased by 2% to 2,904 tonnes (2011: 2,860 tonnes) reflecting strong new business commercialisation in VPS. Second half volume of 1,527 tonnes was 7% ahead of the same period last year (H2 2011: 1,426 tonnes) and 11% ahead of the first half (H1 2012: 1,377 tonnes) which reflected the de-stocking we reported in the first quarter of our financial year. Full year revenue in Invibio increased to £50.5m (2011: £49.7m) largely driven by growth in developing markets, and in particular, arthroscopy. Spine revenues were broadly in line with the prior year with continued growth and innovation in the market being offset by inventory rationalisation at a select number of customers during the second half, reflecting the continuing challenges in the medical device industry. Resulting Group revenue for the year was up 2% to £219.8m (2011: £215.8m). Full year gross margin remained strong and in line with expectations at 66.3% (2011: 67.8%). The anticipated reduction year on year reflects further investment in resources to increase available production capacity, underpinning security of supply for our customers, as well as increased raw material input costs.
Chairman Anita Frew commented: "On behalf of the Board, I am pleased to report that we have delivered another year of record performance in Victrex, despite the challenging global economic environment. Strong new business commercialisation in our VPS business and growth in the developing markets of our Invibio business have driven this year's success. The fundamental growth drivers for our business continue to be strong across all of our end markets. Sales volume in our VPS business is showing good growth relative to the comparative period last year, albeit at a lower run rate than the record second half of last financial year. Our Invibio business has had a steady start to the year despite the continuing challenges in the US medical device market. Whilst it is early in the financial year, and a number of macro uncertainties remain, we are encouraged by the potential for growth in both VPS, driven by new application development, and Invibio, through innovation in the spine market and further progress in our developing markets. We remain committed to invest in application development, technical leadership, talent and capacity to ensure that we are the partner of choice for our customers and end users."
Final results announcement for the year ended 30 September 2012 Highlights · Group revenue up 2% to £219.8m · Earnings per share up 0.5% to 85.7p · Cash of £83.9m at 30 September 2012 and no debt · Full year dividend per ordinary share up 15% to 37.4p
The Times' Tempus column says it is time to take some profits in chemicals company Victrex. The high-peformance plastics maker yesterday confirmed that it has started construction on a new plant that will double its capacity to produce PEEK, a polymer used in planes, trains and cars, as well as oil rigs and artificial hips. Although recent demand trends are encouraging, the shares have risen more than five-fold over the past ten years. Moreover, demand is volatile depending on economic sentiment.
Outlook The initial sales volume order book for October is encouraging. Whilst we are cognisant of the uncertain economic environment, our confidence in the growth potential for our business through the development of new applications and markets remains strong. Victrex will announce its results for the year ended 30 September 2012 on Tuesday 11 December 2012. Victrex will host a conference call at 8.30am today for analysts. If you would like more details, please call Rosa Smith at MHPC on 0203 128 8560 or email on Rosa.Smith@mhpc.com
Year End Trading Statement and Board Appointment Trading update for the year ended 30 September 2012 We are pleased to report that the positive trend in Group sales volume has continued with second half volume 7% ahead of the same period last year at 1,527 tonnes (H2 2011: 1,426 tonnes). This reflects strong new business commercialisation in our Victrex Polymer Solutions business ('VPS'). Full year volume increased to a new record of 2,904 tonnes (2011: 2,860 tonnes). Full year revenue in our Invibio® Biomaterial Solutions business ('Invibio') was £50.5m (2011: £49.7m). Sales into the spine market were broadly in line with the prior year reflecting destocking at a select number of customers over the summer in response to the continued uncertainty in the US medical device industry. Revenue from our developing markets outside of spine grew by 11%, predominantly in arthroscopy. Investment in capacity for growth As we work with our customers and end users to create new opportunities for growth, demonstrating our ability to fulfil increased demand is critical. We are therefore pleased to confirm that we have commenced construction of a third PEEK plant on our Hillhouse site in Lancashire. This will increase our annual capacity by 2,900 tonnes to in excess of 7,000 tonnes. The total capital cost, including all related utility systems and infrastructure, is expected to be £90m which will be funded out of operating cash flow. The new plant is expected to be operational in early 2015.
http://www.investegate.co.uk/Article.aspx?id=201210040700088822N
Polymers maker Victrex has said the group sales volumes have remained strong since the half-year end with third quarter volumes of 754 tonnes, marginally ahead of 750,000 tonnes reported the year before. Sales orders for the beginning of the fourth quarter and new business development remain encouraging, the firm said, although it is mindful of the economic uncertainty, particularly in Europe, and the impact that could have on its customers. "We continue to expect revenue growth year-on-year from Invibio, our biomaterial solutions business, whilst cognisant of the on-going challenges in the US healthcare market," the firm said. "The company remains in an excellent financial position with a healthy balance sheet, strong cash generation and no significant changes in its financial position since 31 March 2012."
The Company remains in an excellent financial position with a healthy balance sheet, strong cash generation and no significant changes in its financial position since 31 March 2012. The Company's annual trading update for the year ending 30 September 2012 will be issued on Thursday 4 October 2012. Victrex will host a conference call at 9.00am today for analysts. If you would like more details, please contact Rosa Smith at MHPC on 0203 128 8560 / Rosa.Smith@mhpc.com.
Interim Management Statement This statement comprises Victrex's Interim Management Statement covering the period from 1 April 2012 to date. Group sales volume has remained strong since the half year end with third quarter volume of 754 tonnes which is marginally ahead of the third quarter of the previous financial year (750 tonnes). Sales orders for the beginning of the fourth quarter and new business development remain encouraging. However we are mindful of the economic uncertainty, particularly in Europe, and the impact that could have on our customers. We continue to expect revenue growth year on year from Invibio®, our biomaterial solutions business, whilst cognisant of the on-going challenges in the US healthcare market.
http://www.investegate.co.uk/Article.aspx?id=201207260700095281I
Half Year Trading Update The Company announces its trading update for the six months ended 31 March 2012. Group sales volume for the first half reflects a strong recovery in trading in our Victrex Polymer Solutions business ('VPS') following the de-stocking reported in the first quarter of our financial year. Sales volume was 1,377 tonnes (2011: 1,434 tonnes) with volume in the second quarter at a new record of 795 tonnes. Looking ahead, the current order book for April and new business activity continue to be encouraging. Revenue for our Invibio® Biomaterial Solutions business ('Invibio') for the first half was approximately £25.5m which is 5% ahead of the first half of the previous year (2011: £24.3m) despite the continuing uncertainties in the US healthcare market. The opportunities for both VPS and Invibio to drive growth into new markets, applications and geographies remain strong. We will continue to invest in capacity, technology and application development to ensure we capitalise on the growth potential for our business. Victrex will host a conference call at 8.00am today for analysts. If you would like more details, please contact Naomi Lane at MHPC on 0203 128 8204 / Naomi.Lane@mhpc.com. Victrex will announce its results for the six months ended 31 March 2012 on Tuesday 22 May 2012.
http://www.investegate.co.uk/Article.aspx?id=201204050700178679A
VCT) said at the start of February that the de-stocking seen in the last quarter of 2011 among its customers had reversed in a positive way, with sales bouncing back strongly – albeit still around 100 tonnes (at 582 tonnes) less than over the same period last year. But there has clearly been a squeeze higher for the shares after the warning from Victrex in its December full year outlook, something that suggests that investors expect the improvement to continue.
here today with no news or broker involvment. If Europe gets fixed we will see 15p+ again!!
Wed, 14th Dec 2011 14:07 Dec 14 (Reuters) - Victrex PLC: * Brewin dolphin cuts Victrex to hold from add, price target to 1235P from 1340P
Plastics group Victrex saw its share price take a hit on Tuesday after its raised dividend and record profits seemed to underwhelm investors. Nevertheless, Investec still maintained its buy rating on the stock. However, the broker warned that the stock is still probably constrained by downgrades to higher-end forecasts
6 December 2011 Victrex plc Final results announcement for the year ended 30 September 2011 Highlights · Group revenue up 14% to £215.8m · Earnings per share up 31% to 85.3p · Cash of £72.3m at 30 September 2011 and no debt · Full year dividend per ordinary share up 30% to 32.5p Chairman Anita Frew commented: "I am delighted to report another year of strong organic growth at Victrex with record Group revenue and profits and a 30% increase in the annual dividend. Demand across most of our end user markets continues to be stable. We have seen some softening in parts of our VPS business, particularly in Europe, as customers are cautiously managing inventories ahead of the calendar year end. In our Invibio business we continue to see good growth. We remain vigilant of the economic uncertainty, particularly in the Eurozone, and the impact this could have on our customers and end users. Whilst it is early in the financial year, assuming demand in our end markets remains resilient we anticipate full year earnings being on track with current market expectations for 2012. The Group is in an excellent financial position with a healthy balance sheet and strong cash generation. This gives us a strong platform to invest further in our technical leadership, the development of new growth opportunities and to ensure continued security of supply for our customers." Enquiries Victrex plc David Hummel, Chief Executive 0203 128 8100 (6 December 2011) Steve Barrow, Finance Director 01253 897700 (thereafter) MHP Communications Nick Denton / Barnaby Fry / Ian Payne 0203 128 8100 A presentation for analysts and investors will be held at 9.30am this morning at the Andaz Hotel, Liverpool Street, EC2M 7QN. A telephone dial in facility will be available for analysts and investors who are unable to attend the presentation, of which details are available from Naomi Lane at MHP on 0203 128 8204. The presentation can be viewed on Victrex's website at www.victrex.com. Victrex plc Final results statement for the year ended 30 September 2011 I am delighted to report another year of strong organic growth at Victrex with record Group revenue and profits and a 30% increase in the annual dividend. Group financial results Group revenue for the year was up 14% to a record of £215.8m (2010: £189.5m) reflecting a strong performance from both of our business units. Sales volume increased by 13% to 2,860 tonnes (2010: 2,535 tonnes) and Invibio® revenue increased by 12% to £49.7m (2010: £44.2m). Gross profit increased by 21% to £146.4m (2010: £120.6m), representing a gross margin of 67.8% of turnover (2010: 63.6%). This increase of 4.2 percentage points is largely due to the full year effect of
Victrex is, to quote from a note from Numis Securities, “easily the world’s leading producer of polyaryletherketone products”, and, indeed, it is a claim that few would be inclined to dispute, says the Tempus column in the Times. The substance we shall henceforth refer to as PEEK is a high performance polymer with resistance to chemicals, wear and extreme temperatures, and it is increasingly used as a lighter replacement for metals. Victrex delivers around the world in days, but when customers stop needing PEEK, demand falls off rapidly. The shares are on almost 13 times this year’s earnings, a high rating in these markets, and given the uncertainty over earnings visibility, do not seem to have anywhere to go in the short term. Hold, says the Times.
and more coverage Victrex in line with expectations Date: Thursday 06 Oct 2011 LONDON (ShareCast) - Victrex, the plastics and polymers group, has seen sales volumes grow 13% to 2860 tonnes in the year to the end of September. Revenues for the bio-material business, Invibio, grew 12% to £49.7m. Victrex is a major supplier to the medical industry where its polymers are used as alternatives to metals and glass because they are more durable during the process of sterilization. In its trading statement the firm says it is in line to meet market expectations but “remains vigilant of the uncertain macroeconomic indicators and the potential impact on our customers and markets.” The share price rose very slightly on the announcement, up 0.76% in early trading
Shares in Victrex gain 3 percent after the manufacturer of high performance polymers updates the market on trading and announces the appointment of a new finance director, with Peel Hunt repeating its "buy" rating on the stock. Victrex says initial trading for October shows it is performing well, and that it remains in an "excellent" financial position with a healthy balance sheet and strong cash generation. Separately, the firm says Peter Bream is stepping down as group finance director, to be replaced by Steve Barrow, who has been with the group for 17 years and is currently FD of the Victrex Polymer Solutions (VPS) division, that focuses on the transport, industrial and electronics markets. "VPS was highly cyclical through the 2009 downturn and visibility is extremely limited. However, Victrex was one of the major destocking victims in 2008-09. We do not expect a repeat of the destocking phenomenon in 2009," Peel Hunt says. "Despite the high operational gearing, the 45 percent group EBITA margin provides substantial resilience to earnings," the broker says. It says crucially, the Invibio division -- that focuses on providing specialist solutions for medical device manufacturers and is assumed to have more resilience than the Industrial volumes -- has doubled since 2008 and now represents over 20 percent of sales. Peel Hunt lowers its target price, to 1,500 pence from 1,650 pence, to reflect slower growth in full-year 2012.
Victrex are rich pickings and at these prices they must now be on someones radar prime take over target.
Are these being over sold today?