(Sharecast News) - High-performance polymers group Victrex said on Friday that it had made "a solid start" to 2022, with first-quarter group revenues up 9% year-on-year at £74.6m and group sales volume 16% higher at 1,025 tonnes.
Across its end-markets, Victrex said its electronics, energy and industrial, medical and value added reseller units saw "good year year-on-year growth". However, its automotive division's performance was modestly down year-on-year, reflecting current challenges in the industry.
The FTSE 250-listed firm stated it retained "a highly cash generative business model", with available cash of £113.6m at 31 December, but added that 2022 was expected to be "a year of high capital expenditure", totalling approximately £60.0m.
Chief executive Jakob Sigurdsson said: "This is a solid start to FY 2022, with continuing momentum and healthy top-line demand.
"Expectations for the full year are unchanged at this early stage. Whilst we anticipate further volume improvement across several end markets, we are mindful of headwinds including currency, raw material costs and increasing energy inflation. Overall, we continue on plan to deliver year-on-year growth in FY 2022."
Victrex (VCT)