Victrex is the world’s leading manufacturer of high performance polyaryletherketone materialsVictrex plc, a leading global manufacturer of high performance polymers, comprises two divisions: Victrex Polymer Solutions that focuses on transport, industrial and the electronics markets and Invibio Biomaterial Solutions that focuses on providing specialist solutions for medical device manufacturers.

Victrex Polymer Solutions specializes in the development and manufacture of high performance polyaryletherketones such as VICTREX® PEEK polymer, VICOTE® coatings, APTIV® films, and VICTREX Pipes™.

Invibio® Biomaterial Solutions provides access to highly specialized biocompatible PEEK-based materials and services for medical device manufacturers.With more than 30 years of experience, Victrex has a production, technology, customer service and distribution team that spans more than 30 countries worldwide.

We work directly with material processors and design engineers in a multitude of industries to help create new applications using Victrex polyketone materials. We help improve processing techniques and find ways to reduce overall costs with the goal to introduce competitive, innovative applications to the marketplace

http://www.victrex.com/en/index.php?setLang=1

Trading Statement

RNS


RNS Number : 8130T

Victrex PLC

09 October 2014
















9 October 2014



Victrex plc - Pre-close trading statement



"A strong finish to 2014 - growth momentum continues"



Victrex plc, an innovative world leader in high performance polymer solutions, today releases its pre-close trading statement for the financial year ended 30 September 2014, ahead of its preliminary results on Tuesday 9 December 2014.



Victrex delivered a strong finish to 2014, with the Group continuing its volume growth momentum from the first half year across our strategic markets of Automotive, Aerospace, Energy, Electronics and Medical. Full year Group sales volume of 3,551 tonnes increased by 22% (2013: 2,920 tonnes), with second half year sales volume of 1,967 tonnes increasing by 29% on last year (H2 2013: 1,528 tonnes). Although sales volumes were particularly strong, our profit expectations remain largely unchanged.



The strong volume performance in our Victrex Polymer Solutions (VPS) business reflects core growth and higher than expected volumes in the second half year from Consumer Electronics. Stripping out sales volumes across the entire Electronics segment, second half year sales volume increased by 6% on the prior year. Our higher margin Speciality Products business, including Aptiv film, again performed well during the year. With continued growth in Aptiv, we will bring an additional production line on stream during the first half of our new financial year.



In our higher margin Invibio medical business, full year revenue increased by 5% to £53.4m (2013: £50.8m), reflecting steady improvement in the Spine market. The focus for 2015 remains the roll-out of new products into the Spine market, with regulatory applications lodged in the US and Europe for the innovative PEEK-OPTIMA® HA-Enhanced product, which enhances bone-on-growth. Pending regulatory approval, adoption and roll-out will commence during the first half.



As we start our new financial year, our growth momentum remains positive. Although currency headwinds remain considerable in 2015, our forthcoming new PEEK and Aptiv film capacity, technical excellence and marketing know-how keep us well placed to continue driving growth and creating value, in line with our long term strategy.

Questor share tip: Victrex production beats expectations

Strong sales of plastic polymers were above market expectations during a strong end to the year, says Questor.


By John Ficenec, Questor Editor

6:00AM BST 10 Oct 2014


Victrex
£15.96+7p
Questor says HOLD


VICTREX [LON:VCT], the manufacturer of specialist lightweight polymers, enjoyed a strong end to the year, shifting more product than expected.

The polymer specialist said full-year group sales had increased by 22pc to 3,551 tonnes to the end of September. While the strong performance was encouraging, the company warned that it was now selling higher volumes of lower profit-margin products. So, despite sales volumes increasing, profits will largely be flat next year.


Broker JP Morgan Cazenove said: “2015 looks set to be a year of transition as the new plant is commissioned and the company continues to invest in new sales and marketing initiatives.”

David Hummel, chief executive, also warned that with about 97pc of products being exported, foreign exchange is now expected to reduce pre-tax profits next year by between £10 to £12m. The driving force behind the sales growth was a strong market in the automotive and aerospace sectors for the company’s Peek products, which are made from a new lightweight polymer, which is also temperature and chemical resistant. The Peek material is being used to replace metal parts in aeroplanes such as the new Boeing 787, brake pads in cars, and components in smartphones and medical implants.

The FTSE 250-listed company is embarking on the largest expansion in its history by doubling investment in Peek manufacturing facilities. Victrex is building a third Peek manufacturing plant and capital investment is expected to hit £65m for the year just completed, up from £41m a year earlier.

Mr Hummel said the company was coming towards the end of investment in the new facility and capital spending is expected to fall to about £40m within the next 12 months.

The last time we looked at Victrex shares they were too rich, trading on a forecast earnings multiple of 22 times. However, from a peak of £20.26 on April 2, the shares have fallen more than 20pc and now trade on 17 times forecast earnings and offer a dividend yield of 3.1pc.

The balance sheet is in a net cash position but we still can’t be tempted, because 17 times earnings is expensive for limited profit growth. Hold.

Shares -Investors in the chemical sector take note: Final results due 9 Dec - showing strong volume growth as consumer electronics proves a growth area for the polymer type PEEK used in engineering applications.

Final Results

Highlights:



• Continued momentum across our markets: Revenue up 14%, PBT up 9%

- Strong performance across VPS with 17% growth in higher margin Speciality Products

- Invibio returned to growth driven by Spine

- New Consumer Electronics business: further volumes for H1 15 and platform to future opportunities



• Cost of manufacture improvement in H2

- Continued focus on efficiency in 2015



• Major capacity investments nearing completion

- New PEEK and Aptiv film capacity to support larger commercial opportunities



• Special dividend of 50p/share underpinned by strong cash generation and balance sheet

- 50p/share special dividend (£43m payout), alongside 33.76p final dividend, regular dividend cover 2.1x

- FY14 net cash £89.6m despite record capital expenditure



http://www.moneyam.com/action/news/showArticle?id=4938691

Victrex shares jump on bumper cash return

Management more than doubles cash return to investors as cash mounts up following record year, says Questo

Victrex engineer

A Victrex engineer works on high performance polymer materials








By John Ficenec, Questor Editor

6:00AM GMT 10 Dec 2014





Victrex
£20+136p
Questor says HOLD


Victrex [LON:VCT], the manufacturer of specialist lightweight polymers, announced a special dividend for investors yesterday, sending its shares soaring £1.36 or more than 7pc higher.


Back in September, the polymer specialist had flagged that sales were strong into the end of the year but the build-up in cash came as a welcome surprise.











The driving force behind the growth was a strong market in the automotive and aerospace sectors for the company’s Peek products, which are made from a new lightweight polymer resistant to temperature and chemicals. The material is being used to replace metal parts in aeroplanes such as the new Boeing 787, brake pads in cars, and components in smartphones and medical implants.


The FTSE 250-listed company said revenue was up 14pc to £252.6m, and pre-tax profits were up 9pc to £102.7m.



The business has two divisions: Victrex Polymer Solutions, which focuses on transport, industrial and the electronics market; and Invibio Biomaterials, which supplies medical device manufacturers. The polymers business reported volumes 22pc ahead of last year at 3,551 tonnes, while Invibio reported revenue up 5pc on last year.

David Hummel, chief executive, said: “Our 2015 financial year has started well and although currency headwinds remain considerable, we now anticipate being able to fully cover the FX impact.”

The strong performance was achieved by selling higher volumes of lower profit-margin products. So, the gross profit margin fell 200 basis points to 64.6pc from 66.6pc last year.

Mr Hummel said the company would pay a 45.15p full year dividend as well as a 50p special dividend, both of which are ex-dividend on February 4 and payable February 20.

The balance sheet was in a £89.6m net cash position at the year-end but this will fall by £43m following the payment of the special dividend.

The shares are currently rated on 20 times forecast earnings and pay a 2.8pc prospective dividend yield. Hold.
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10 Dec Exane BNP... 1,900.00 Neutral
10 Dec Deutsche Bank 2,350.00 Buy
10 Dec JP Morgan... 1,850.00 Neutral
9 Dec N+1 Singer 1,860.00 Buy
9 Dec Deutsche Bank 2,050.00 Buy

Victrex: N+1 Singer raises target price from 1860p to 2100p and reiterates a 'buy' recommendation.

9 Jan Deutsche Bank 2,350.00 Buy

Victrex: Citi raises target price from 2100p to 2200p, while downgrading to 'neutral'.

Victrex PLC (VCT:LSE) set a new 52-week high during today's trading session when it reached 2,202.55. Over this period, the share price is up 22.04%.

IC - The European economic upturn failed to surface in 2014, yet in the main chemicals sector once again proved resilient. A 50p share special dividend and a favourable outlook for a number of its end markets helped propel shares ion Victrex up by 15%. Exposure to consumer electronics may yield lower margins for the plastic specialist , yet it still offered welcome top-line growth in a period of economic uncertainty. Looking ahead, a rock-bottom oil price could also be beneficial, as Victrex sells into the aerospace market and manufactures the polymers found on every modern car.
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EX dividend 5 Feb Victrex (special) 50p payable 20 Feb

Victrex 33.76p payable 20 Feb

Trading statement 4 Feb 15


3 Feb Berenberg 2,380.00 Buy

AGM and Q1 Interim Management Statement
RNS
RNS Number : 9655D
Victrex PLC
04 February 2015















4 February 2015

Victrex plc

AGM and Q1 Interim Management Statement

'A solid start to 2015'

Victrex plc, an innovative world leader in high performance polymer solutions, today releases its first quarter (Q1) Interim Management Statement ahead of its Annual General Meeting being held this morning.

Overall, Victrex has seen a solid start to 2015. Group revenue of £59.8m was 14% ahead of the prior year (Q1 2014: £52.4m), with Group sales volume of 967 tonnes 42% ahead of the prior year (Q1 2014: 679 tonnes). The strong volume comparative in Q1 largely reflects current Consumer Electronics business that did not contribute to the prior year quarter. Excluding Consumer Electronics, volume growth in the underlying business was slightly ahead year on year.

In our VPS business, Q1 continued to benefit from Consumer Electronics - in line with our previous guidance - and we now expect the current Consumer Electronics opportunity to continue into the second half of our financial year.

In our Invibio medical business, revenue was weaker in Q1.This reflects some short term impact from the current consolidation in the US medical device industry and we anticipate that Invibio will still make progress over the full year. Our focus for 2015 remains the roll-out of new products into the Spine market, alongside pre-development work for our new product platforms of Dental, Trauma and Knee.

David Hummel, Chief Executive of Victrex, said: "Overall, Victrex has made a solid start to 2015 and our focused strategy is helping to continue our growth momentum. At this early stage of the year, our expectations are unchanged and we remain well placed for the year ahead."

Victrex remains in a strong financial position, with a healthy balance sheet, good cash generation and no significant changes to our financial position since 30 September 2014.

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4 Feb JP Morgan... 1,800.00 Neutral
4 Feb Numis 2,106.00 Hold
4 Feb N+1 Singer 2,300.00 Buy

Questor share tip: Victrex has solid start

Strong sales of plastic polymers are driving the engineering group forward, says Questor.




Market expectations are for the company to make £104m in pre-tax profits over the full year, giving 96.8p in earnings per share on revenue of £267m

Market expectations are for the company to make £104m in pre-tax profits over the full year, giving 96.8p in earnings per share on revenue of £267m




By John Ficenec, Questor Editor

10:53PM GMT 05 Feb 2015






Victrex
£20.92-16p
Questor says HOLD


VICTREX [LON:VCT] is a British engineering group benefiting from strong demand for its unique polymer products across the world.





The FTSE 250 manufacturer, which has enjoyed a solid start to the new financial year, has developed a lightweight thermoplastic called “Peek”.


The material, which is resistant to extreme temperatures and chemicals, is being used to replace metal parts in aeroplanes such as the new Boeing 787, brake pads in cars and components in smartphones and medical implants.

Victrex also makes composite materials for use in repairing damaged spines.

The driving force behind the company’s recent expansion has been a strong automotive and aerospace market, as manufacturers transfer from metal to Peek products. Victrex, which has grown revenues from £220m in 2013 to £253m last year, is coming towards the end of the largest expansion in its history – the group is building a third Peek manufacturing plant to meet growing demand.

Capital investment hit £65m last year and David Hummel, chief executive, expects spending to fall to about £40m within the next 12 months.

The new financial year has started well, with sales for the three months to the end of December jumping 42pc to 967 tonnes, when compared with the same period a year earlier. Year-on-year revenue in its first financial quarter was up 14pc to £59.8m when compared with a year earlier.

Market expectations are for the company to make £104m in pre-tax profits over the full year, giving 96.8p in earnings per share on revenue of £267m. The performance in the first three months of its financial year leaves the company on target to meet these predictions.

Victrex will benefit from a weaker pound as 97pc of the products are exported, and more favourable currency movements will boost profits. The balance sheet is in a strong position and the company is highly cash generative.

The only problem is that the shares, trading on 21 times forecast earnings, already price in much of this good news. Hold.

The Telegraph - Victrex, a maker of specialist lightweight polymers, which slumped 162p to £19.55 after Solvay announced it would build a new polymers plant in the US. Citi analysts said the move meant Solvay “is likely to emerge for the first time as a serious competitor to Victrex”.

StockMarketWire.com
Victrex said, overall, it delivered a good H1 performance. Group revenue of £130.3m was 9% ahead of the prior year (H1 2014: £119.9m), with Group sales volume of 2,028 tonnes 28% ahead of the prior year (H1 2014: 1,584 tonnes).

The first half performance reflects a continuing positive contribution from Consumer Electronics and slightly lower sales in its Invibio medical business. Group gross margins saw improvement compared to the first half of 2014, reflecting better manufacturing efficiencies.

In Victrex Polymer Solutions (VPS), lower sales into oil and gas were offset by growth in other markets. Commissioning of the first production stream on its third PEEK manufacturing plant is now complete and successfully started up on schedule.

In Invibio, performance reflected the impact from industry consolidation in the US during Q1, as previously communicated, although it saw an improvement in Q2. Invibio revenue of £25.9m was 4% down on the prior year (H1 2014: £26.9m) and flat in constant currency, although Victrex's focus remains on continued improvement as it enters the second half.

The adverse currency impact seen by the Group during the first half will also continue into the second half. However, as previously communicated, Victrex continue to expect that it will fully overcome the currency impact for the full year.

CEO David Hummel said:
"Victrex delivered a good first half performance overall. Although we are mindful of the tougher comparatives for the second half and the continued caution in the oil and gas market, we remain well positioned for progress over the full year."

20 Apr Exane BNP... 2,500.00 Outperform
20 Apr Barclays... 2,300.00 Overweight

13 May Credit Suisse 2,400.00 Outperform

Half yearly report

19 May Credit Suisse 2,400.00 Outperform

Ex dividend 11 Jun 2015 Victrex PLC (11.7 P)