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
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.
it needs to find its range, RMP acted in a similar fashion rising then falling before finding a level 10-15% below the opening sp. Like here just waiting for news. I think medium to long term this will be a good punt not a 10 bagger but with the management we have I would expect a good rise worthy of an investment. I am not in here (yet), below 55p for me before I jump in.
Bayfield energy Bayfield Energy is an independent oil and gas exploration and production company with a balanced international portfolio of interests providing current production, near-term development, appraisal and exploration opportunities. The business was established in 2008 by former executives of Burren Energy plc who had left that company following its acquisition by Eni. Bayfield is a private company registered in England and Wales which has, to date, raised approximately US$43 million funded by its management team and other previous long-term Burren shareholders. The Group's major focus is on Trinidad and Tobago where, in May 2009, it secured a 25-year exploration and production licence over the Galeota Area and, consequently, assumed operatorship of the producing Trintes field. Elsewhere, the Group expects shortly to obtain administrative approvals confirming the award of a three-year exploration licence over the Pletmos Inshore Area in South Africa and the acquisition of a controlling shareholding in a Russian company with exploration interests in the Astrakhan region of southern Russia. You can't call it a ramp as there not trading until tomorrow lol, but maybe worth keeping an eye on with the management a definite plus!
UBS keeps its 'sell' rating for polymers manufacturer Victrex but increases its target price by 26% to 1,320p from 1,050p. The upgrade reflects Victrex strong first half results which showed growth across all companies divisions. However, UBS has scaled back full year estimates for the second half as profits will be affected by a planned 2-month plant shutdown adding £3m to costs.
by Goldman Sachs to name it as the broker's "top pick" in the mid-cap chemicals sector. Initiating coverage on Victrex with a "buy" recommendation and a target price of 1,830p, Goldman described it as an "attractive acquisition" target because of its "unique technology and customer relationships".