(Alliance News) - Victrex PLC on Monday said profit slumped in the first six months of its financial year, although the company expects to see improvements in the latter half.
The Lancashire, England-based innovative developer of high performance polymers reported a 34% fall in pretax profit to GBP28.0 million for the six months ended March 31 from GBP42.5 million the year prior.
Revenue over the same period declined 14% to GBP139.3 million from GBP162.2 million.
Victrex announced an interim dividend of 13.42 pence per share, unchanged year-on-year.
As previously announced, guidance for the year anticipated a slow start, with improvements expected in the second half in line with the wider gradual macro-economic recovery.
Looking ahead, the company is focused on delivering improved volume, revenue and profit growth.
Chief Executive Jakob Sigurdsson said: "On a full year basis, current run-rates support low-to-mid single digit volume growth...we are not expecting profit before tax progress for the year as a whole. This reflects a lower first half, medical destocking and the effect of reduced asset utilisation in our income statement."
Victrex shares were down 0.4% to 1,278.92 pence each in London on Monday morning.
By Elijah Dale, Alliance News reporter
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Victrex (VCT)