Last checked at 8 Oct 2009 07:00
Thursday 8 October 2009
Victrex plc
Annual Trading Update
Victrex will announce its results for the year ended 30 September 2009 on Tuesday 8 December 2009. Today, the Company announces its regular annual trading update.
Invibio
Invibio®, our biomaterials division, had an excellent year with revenue of approximately £34.1m, an increase of 37% over the previous year (£24.9m). At £16.5m, second half revenue was down 6% on the very strong first half (£17.6m) principally as a result of inventory rationalisation at certain customers.
Group sales volume
Encouragingly, monthly volumes have shown continued improvement throughout the second half due to increased Victrex Polymer Solutions sales. Following the low point of 88 tonnes in March, as previously announced, Group volume recovered to 110 tonnes in April, with a further increase to 142 tonnes in July. This level was sustained in August with a further increase to approximately 155 tonnes in September. Group sales volume for the year is therefore expected to be approximately 1,545 tonnes.
As a result of the sales volume achieved in the fourth quarter, we have increased polymer production levels and have recommenced monomer production.
Outlook
Overall, we expect profits for 2009 to be in line with market expectations.
Invibio continues to show strong sales performance and development potential. Accordingly, we expect further revenue growth in 2010.
While it is still too early to judge the extent to which the recovery in Victrex Polymer Solutions sales volume in the second half of 2009 is due to restocking or a higher level of sustainable demand, it represents a positive trend. However, 2010 sales volume will be highly dependent on the extent to which this recovery is sustained.
-Ends-
Enquiries
Victrex plc
Mike Peacock, Finance Director 01253 897700
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. The Victrex Polymer Solutions Division ('VPS') is responsible for polymer business in our major industrial markets including transport, energy and electronics. The Biomaterials Solutions Division ('Invibio') provides specialist solutions for medical device manufacturers.