Victrex 'cautious' on automotive as Q3 revenues fall
Polymer manufacturer Victrex said third quarter revenues fell 14% as growth in its aerospace, energy and medical sectors was offset by “some deterioration” in its automotive and electronics businesses.
Sales volumes fell 21% to 912 tonnes, with revenue down to £72m from £84m. Year to date group sales volume fell 18% to 2,811 tonnes, with nine-month group revenue of £217.8m, down 13%.
The company said it was still cautious on its Automotive and Electronics markets given “continued weakness”.
“Whilst we do not expect a recovery in these markets during the final quarter, our own sales and innovation activity, together with slightly better comparatives, offers the opportunity to deliver a more stable performance for the remainder of our financial year,” the company said.
“Victrex remains in a good position for the medium to longer term. Through our Polymer & Parts strategy we have the opportunity to drive growth in our core business, further increase our differentiation through our strong pipeline of new products and deliver attractive returns to shareholders,” it added.