Last checked at 9 Feb 2010 07:00
9 February 2010
Victrex plc
AGM and Interim Management Statement
At the Annual General Meeting of Victrex plc to be held today, Chairman Anita Frew will make the following statement which comprises Victrex's Interim Management Statement covering the period from 1 October 2009 to date:
"We are pleased to report that Group sales volume for the four months to the end of January amounted to approximately 714 tonnes consolidating the positive trend in volumes in our Victrex Polymer Solutions ('VPS') business that we indicated in our preliminary results announcement in December. As expected, December sales volumes were lower than the average for the first two months of the financial year, reflecting the normal seasonal trend. However, January sales volumes rebounded and showed further growth over October and November as customers recommenced activity in the New Year. While it remains too early to predict the outcome for the year as a whole, the underlying trends being experienced across VPS are encouraging.
Invibio®, our biomaterials business, continues to make good progress following reduced revenue in the second half of last year caused principally by inventory rationalisation. Revenues for the four months to the end of January were at similar levels to the average run rate we achieved in 2009 (annual sales revenue of £34.2m). We remain confident that Invibio revenue for 2010 will show continued growth.
The Group remains in a strong financial position with a healthy balance sheet and good cash generation and there have been no significant changes in the financial position of the Company since 30 September 2009."
The Company's trading update for the six months to 31 March 2010 will be issued on Thursday 8 April 2010.
Enquiries
Victrex plc
Anita Frew, Chairman 0207 357 9477 (9 February 2010)
David Hummel, Chief Executive 01253 897700 (thereafter)
Mike Peacock, Finance Director
Hogarth Partnership Limited
Nick Denton / Barnaby Fry 0207 357 9477
Victrex plc is an innovative world leader in high performance materials through the manufacture of VICTREX® PEEK™ polymer, a high performance, easy to process thermoplastic.
With over 30 years of experience, Victrex is a global manufacturer of innovative, high performance thermoplastic polymers. We work with customers and end users to deliver technology driven solutions to the challenges and opportunities they face. Our Victrex Polymer Solutions division ('VPS') focuses on our transport, industrial and electronics markets and our Invibio Biomaterial Solutions division ('Invibio') focuses on providing specialist solutions for medical device manufacturers.