Victrex PLC Trading Statement (6184C)
14 6월 2023 - 3:00PM
UK Regulatory
TIDMVCT
RNS Number : 6184C
Victrex PLC
14 June 2023
14 June 2023
Victrex plc - Trading update
Victrex plc is an innovative world leader in high performance
polymer solutions, delivering sustainable products which support
CO2 reduction and bring environmental and societal benefit in
multiple end-markets. Today's trading update covers the period
ending 31 May 2023.
Year-to-date (YTD) Group volume & revenue
At the Group's interim results we signalled that, in line with
the wider Chemical sector, ongoing macro-economic weakness and
industrial customer destocking were impacting performance in
several end markets. During the first half, Group volumes declined
by 14%.
Whilst the Group remains ready to benefit from a macro-economic
recovery, latest indicators suggest these current headwinds will
now continue over the summer and at least until the end of FY 2023
in September.
Despite good progress in Medical, ongoing industrial headwinds
mean YTD Group volumes are now tracking in excess of 20% down,
compared to the record prior year. YTD Group revenue is tracking
down by a mid-single digit percentage rate. If current run-rates
continue, full year revenue would be down between 6%-10%.
For Q3 as a whole, we anticipate volumes will be approximately
800 tonnes (Q3 2022: 1,323 tonnes).
Outlook
In our Outlook at the interim results stage, we signalled that
delivering full-year adjusted (pre-exceptional) profit before tax
(PBT) in line with expectations assumed a step up in demand during
the latter part of the second half, driven by macro-economic
conditions.
Whilst we are seeing progress on gross margin, driven by
pricing, sales mix, currency and easing energy costs, Group
adjusted PBT to 31 May 2023 was approximately GBP53m. With no step
up in demand going into the final quarter currently visible, and
the resulting lower industrial revenue expectations, our full year
adjusted PBT is now expected to be between GBP80m-GBP85m.
Victrex will report its Q3 Interim Management Statement on
Thursday 6 July 2023.
Analyst & investor conference call:
A conference call with management will take place this morning,
14 June 2023, at 08.00am BST. The call can be accessed via the
following link:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=2616372&linkSecurityString=6aee7987c
Inside information:
This announcement contains inside information. The person
responsible for making this announcement is Jane Brisley, General
Counsel & Company Secretary.
Enquiries:
Victrex plc:
Andrew Hanson, Director of Investor Relations, Corporate
Communications & ESG +44 (0) 7809 595831
Jakob Sigurdsson, Chief Executive
+44 (0) 1253 897700
Ian Melling, Chief Financial Officer +44 (0) 1253 897700
About Victrex:
Victrex is an innovative world leader in high performance
polymer solutions, focused on the strategic markets of Automotive,
Aerospace, Energy & Industrial, Electronics and Medical. Every
day, millions of people rely on products or applications which
contain our sustainable materials, from smartphones, aeroplanes and
cars to oil & gas operations and medical devices. With over 40
years' experience, we are moving beyond the polymer into
semi-finished and finished products which shape future performance
for our customers and our markets, provide environmental and
societal benefit for customers and drive value for our
shareholders. Find out more at www.victrexplc.com
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END
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June 14, 2023 02:00 ET (06:00 GMT)
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