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FTSE 100 closes higher on Friday as UK R rate goes below 1
Britain's index of leading shares closed up around 61 points on Friday, or 0.94%, at 6,589.
Company
Victrex PLC
LON:VCT
Victrex PLC is the leading global manufacturer of polyaryletherketones. These are high-end polymers that are sold under the brand names VICTREX PEEK polymer, APTIV and VICOTE.
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Victrex upped to equal weight as Barclays says little reason for underperformance going forward
The bank said they believed the downgrade cycle for the polymer firm “is over” after EPS troughed in 2020, adding that the stock is “already pricing in a recovery”
Victrex cuts dividend 23% as profits fall but new year starts 'solidly'
“We expect some softness to continue through the first half, versus the prior year, with the potential for uncertainty in order patterns,” the group cautioned
Victrex plans to reinstate dividend but cuts 100 jobs
The chemicals firm wants to resume distributions "in the light of a healthy net cash position"
Victrex says still unsure about dividend but margins to remain weak
The chemicals producer will assess current market conditions and its outlook before deciding on the current year payout
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FTSE 100 closes lower as gold surges and traders digest Sunak's spending plans
Britain's premier benchmark index finished down around half a percent, or 33 points, at 6,156
Victrex starting to feel effects of coronavirus pandemic
The FTSE 250 chemicals group said “some more normalised demand returning in Asia could prove supportive, although the demand outlook in Europe and the US is becoming more challenging”
Victrex saw 'strong' trading in March, but outlook still uncertain
Measures have been put in place to reduce cost and conserve cash that stood at a net £42.2mln at the end of March
Barclays cuts Victrex to ‘underweight’ from ‘equal-weight’ on increasing concerns about margins over next two years
The UK bank’s analysts said: “There’s growing risk that volumes disappoint but the real challenge for margins could come in 2021 when we assume the full weight of fixed cost needs to be absorbed by fewer tons”
Victrex halves dividend as profits stumble as auto and electronics worsen
This year, the company has issued two profit warnings, saying it expected profits to be hit by revenues from a large contract in its consumer electronics business being wiped out
Victrex unlikely to recover in second half due to global industrial slowdown, reckons broker
“For now, the near term risks outweigh the long-term growth potential,” Peel Hunt said
Hardware & electrical equipment
Victrex once again dampens down expectations
Victrex saw a much weaker first half, driven principally by its automotive arm
Victrex warns of “much weaker” first half as it gets off to a slow start
There has been a slight improvement in January and February, but not enough to offset troubles in the prior few months
Investments and investor services
FTSE 100 closes a tad lower ahead of BoE Super Thursday
The UK index of leading shares closed down around four points at 7,173
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Big Pharma is big news for Wednesday as GSK reports results for 2018
The launch of a generic rival to its Advair inhaler has many expecting a downgrade to Glaxo's outlook
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Bank of England's 'Super Thursday' and slew of corporate earnings eyed as Chinese New Year begins
The week ahead includes updates from Thomas Cook, Superdry, Ryanair and Tate & Lyle, among others.
Victrex to reward shareholders with £105mln special dividend
Shares have been held back by a warning that the growth seen over the past year is unlikely to be repeated in 2019
Archive
Ferguson and Greencore among highlights in Tuesday’s diary
The US economic outlook, the order book and restructuring will all be among the key points as Ferguson updates investors.
Hardware & electrical equipment
Renold sees first-half profit rise significantly, boosted by strong performance from core chain unit; Peel Hunt starts with ‘buy’
The power transmission products maker said its pre-tax profit jumped by 71% to £4.1mln in the six months to September 30, up from £2.4mln a year earlier, as revenue rose by 4.5% to £99.7mln
Meggitt names Louisa Burdett as its next CFO
Doug Webb will retire as CFO and executive director on December 31