Victrex PLC (LSE:VCT) shares fell after it issued a profit warning, saying that trading has not improved as hoped.
At its interim results last month, the polymer maker said trading would need to improve before the end of the year for profit expectations to be met.
This has not happened.
The FTSE 250-listed group said the previous trends – ongoing macro-economic weakness and industrial customer destocking impacting performance in several end markets (it sells into automotive, medical, aerospace and energy markets) – are expected to continue until at least the end of its financial year in September.
Sales volumes for the third quarter to end-June are anticipated to fall around 36% year-on-year to roughly 800 tonnes.
Group adjusted profit before tax to 31 May 2023 was approximately £53mln and noting that "no step up in demand going into the final quarter [is] currently visible", the resulting lower industrial revenue expectations lead to a full-year expectation of between £80mln and £85mln, down from £95.6mln last year.