Basic MaterialsChemicals

Victrex on track but sees tougher comparatives ahead

Volumes rose 14% in the three months to June, while revenues increased by 10% to £84mln

Spinal implants is a competitive market

Victrex PLC’s (LON:VCT) strong first half momentum has continued said the enhanced plastics group, but the fourth quarter comparative will be tougher.

Currencies are turning and a large consumer order won’t contribute this time.

Volumes rose 14% in the three months to June, while revenues increased by 10% to £84mln and for the year to date revenues are 21% higher at £250.6mln.

Meaningful revenue

Victrex added it expects ‘meaningful revenue’ for its HA cervical and lumbar fusion device over the full year, while other oil companies are now looking at the flexible oil and plastic pipe supplied to Tullow, which deployed it in West Africa.

Currencies will become more of an issue in 2019, with an approximate £8mln-£10mln adverse effect now expected. 

Although comparatives will be tougher in Q4, and we will see currency becoming a headwind, Victrex remains comfortable with full-year expectations,” said the statement.

Shares rose 2% to 3,070p.

Quick facts: Victrex

Price: £18.96

Market: LSE
Market Cap: £1.64 billion

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