Victrex Makes "Solid Start To 2015" As Consumer Electronics Give Lift

LONDON (Alliance News) - Chemical manufacturer Victrex PLC Wednesday said it "has seen a solid start to 2015", reporting a rise in revenue during the first quarter of its financial year, driven by increased sales volumes from its consumer electronics business.

In the first quarter to the end of December, Victrex generated GBP59.8 million in revenue, a 14% rise from GBP52.4 million a year earlier. The company said sales volumes of its polymers rose 42% in the quarter to 967 tonnes from 679 tonnes a year earlier. The strong volume comparative in the first quarter largely reflects the company's current consumer electronics business, which did not contribute to the quarter last year, it said.

The company's Invibio medical business saw revenue decline in the first quarter, due to the short-term impact from the current consolidation in the US medical device industry, it said.

Victrex is expecting that the Invibio business still will make progress over the full year. "Our focus for 2015 remains the roll-out of new products into the spine market, alongside pre-development work for our new product platforms of dental, trauma and knee," Victrex said.

"Overall, Victrex has made a solid start to 2015, and our focused strategy is helping to continue our growth momentum. At this early stage of the year, our expectations are unchanged and we remain well placed for the year ahead," said Chief Executive David Hummel.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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