Victrex Says 3Q Revenue Grew, But Sees Headwinds for Fiscal Year 2022

By Adria Calatayud

Victrex PLC said Friday that third-quarter revenue grew and that its order book for the current quarter is robust, helped by restocking, but warned that currency and material inflation headwinds could weigh on its prospects for next year.

The U.K. supplier of polymers said it is set to face a growing impact from foreign-currency headwinds, increasing raw-material inflation, innovation spend and costs associated with commissioning a China manufacturing site for fiscal 2022, although many of its end markets continue to show progress.

For the quarter ended June 30, Victrex said revenue rose to 80.7 million pounds ($111.3 million) from GBP58.8 million for the same period last year. Sales volumes for the quarter were 1,202 metric tons, 49% ahead of the prior year.

The company said it is mindful that its recent performance reflects some benefits from restocking, which means that run rates at the end of fiscal 2021 might be slightly lower than in the third quarter.

Victrex said its sales mix remains skewed toward its industrial end markets, but that its medical segment is recovering as elective surgeries return both in Asia and the U.S. The aerospace end market remains subdued, the company said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

July 09, 2021 03:00 ET (07:00 GMT)

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