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

He who hesitates.............................DAMN! Ah well, there's always tomorrow!

17 May Numis 1,910.00 Buy
17 May Exane BNP... 1,500.00 Neutral
17 May JP Morgan... 1,450.00 Neutral
17 May Deutsche Bank 1,650.00 Hold
16 May Liberum Capital 2,200.00 Buy
16 May Peel Hunt 2,100.00 Buy

Broker Forecast - Liberum Capital issues a broker note on Victrex PLC

Liberum Capital today reaffirms its buy investment rating on Victrex PLC (LON:VCT) and set its price target at 2100p. Story provided by StockMarketWire.com

Trading Statement
RNS
RNS Number : 1617M
Victrex PLC
11 October 2016
 
 
                                            
 
11 October 2016
Victrex plc: Full year and pre-close trading update
'Improved second half; good finish to 2016'
Victrex plc, an innovative world leader in high performance polymer solutions, today releases its full year and pre-close trading update for the financial year ended 30 September 2016, ahead of its preliminary results on 6 December 2016.
In line with expectations, Victrex delivered an improved performance in the second half and a good finish to 2016.
The core business was in growth, with Aerospace and Automotive performing well, and a more stable performance in Oil & Gas during the second half. Sales volumes for the large Consumer Electronics business were delivered on plan during Q4, with overall second half volumes more than double those in the first half. Q4, overall, saw a good performance with Group revenue up 8% to £73.7m (Q4 2015: £68.0m) and Q4 Group sales volume up 9% to 1,216 tonnes (Q4 2015: 1,119 tonnes).
Despite a positive finish to 2016, full year Group revenue declined by 4% to £252.3m (FY2015: £263.5m), reflecting the year on year fall in Consumer Electronics volumes, which were more than 30% down. Full year Group sales volume was down 6% at 3,952 tonnes (FY 2015: 4,217 tonnes). 
Medical revenue (Invibio) for the full year of £50.8m (FY 2015: £50.5m) reflects a stable Spine market in the US. Growth outside of the US, in emerging markets, remains positive.
Our mega-programmes continue to make progress, with the Magma Oil & Gas project delivering first meaningful revenues of over £1m in FY16. Incremental investment opportunities aligned to our mega-programmes are also being progressed, which would further support delivery of the Group's downstream strategy and growth pipeline.
 
Outlook
 
As we start our new financial year, our core business remains robust. However, we remain mindful, as previously communicated, that our early planning assumption suggests Consumer Electronics volumes will be significantly lower in 2017, compared to 2016. This would also impact our operating leverage.
 
Whilst we will continue to invest in our 'front end' commercial, marketing and technical functions, to help drive adoption of our mega-programmes, we will also further enhance our ongoing focus on cost efficiency opportunities over the coming year.
 
With a differentiated strategy, a strong pipeline and a highly cash generative business model, Victrex remains in a good position to drive shareholder value for the medium to longer term.

11 Oct
N+1 Singer
1,730.00
Buy

11 Oct
Liberum Capital
2,100.00
Buy

11 Oct
Peel Hunt
1,900.00
Buy

Final results

Highlights:
 
•     Good finish to 2016
-    Core business in growth; improved second half with core volumes up 9% on H2 2015
-    Continued growth in Auto & Aero, Oil & Gas stable, Medical in-line
-    Consumer Electronics volumes >400 tonnes in H2 2016; remain cautious on  2017
-    Full year performance impacted by weaker H1 & lower overall Consumer Electronics
 
•     Good progress accelerating growth pipeline
-    Meaningful revenue of £1m+ for Magma Oil & Gas mega-programme
-    Gears accelerated; initial revenue from Auto development programmes
-    Trauma development agreement with major US medical device manufacturer
-    Over 1,000 patient implants for PEEK-OPTIMATM  HA Enhanced
 
•     Continued growth investment to further develop downstream strategy
-    Strategic investment  of minority interest in Magma Global for £10m
-    Composite manufacturing investments underpin Aerospace, Medical and Magma
·      New Trauma and Composite facilities  operational
-    Continued 'front-end' commercial investment; supported through focus on cost efficiency
 
•     Cash generation remains strong
-    Net cash up 19% to £64.0m
-    Final dividend of 35.09p (2015: 35.09p)

10:30 07/12/2016
Broker Forecast - Deutsche Bank issues a broker note on Victrex PLC
Deutsche Bank today reaffirms its hold investment rating on Victrex PLC (LON:VCT) and raised its price target to 1700p (from 1650p). Story provided by StockMarketWire.com

6 Feb Liberum Capital 2,245.00 Buy
6 Feb Peel Hunt 2,100.00 Add

AGM Statement

RNS


RNS Number : 2728W

Victrex PLC

08 February 2017














8 February 2017

Victrex plc

AGM and Q1 Interim Management Statement

'A solid start to 2017 - strong growth in core business'

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 (AGM) being held today.

Victrex made a solid start to 2017, with a strong performance in the core business compared to a weak Q1 2016. Q1 2017 sales volumes in the core business (excluding Consumer Electronics) were 25% ahead of the prior year quarter, reflecting growth across Automotive, Aerospace, Energy & Industrial and Value Adding Resellers. Electronics, outside of the large Consumer Electronics order, also saw growth. Q1 2017 performance was offset by Medical, which was behind last year, principally due to phasing.

Overall, Q1 2017 Group revenue of £55.7m was broadly in line with the prior year (Q1 2016: £56.0m), with Q1 2017 Group volumes of 810 tonnes down 6% (Q1 2016: 860 tonnes). Q1 2017 performance reflected, as expected, the very limited volumes from the large Consumer Electronics order, compared to much stronger volumes in the prior year.

Victrex retains a highly cash generative business model, with no significant changes to its financial position since 30 September 2016.

Joint-venture to accelerate Aerospace Loaded Brackets mega-programme

Victrex is also announcing today that it is investing to help accelerate its Aerospace Loaded Brackets mega-programme, via a joint-venture with Tri-Mack Plastics, a proven partner for manufacturing semi-finished and finished parts within Aerospace.

The joint-venture, TxV Aerospace Composites, will focus on developing a new supply chain, with the capability to manufacture, at scale, unique and differentiated Loaded Brackets, blending new PEEK and PAEK polymer grades and composite materials. Victrex will have the majority share of the JV and total capital expenditure from Victrex is anticipated to be around £10m, spread over the next three years.

The Aerospace Loaded Brackets programme will utilise a differentiated and protectable solution, with an "over-moulded" bracket offering up to 60% weight saving compared to metals, as well as quicker manufacturing. This solution has multiple application opportunities, particularly within aircraft interiors. Following pre-qualification of this semi-finished product with major customers and initial prototype revenue during 2016, a new manufacturing facility in the US will offer the potential to capture significant growth opportunities. Industry projections suggest thermoplastic composites in Aerospace could increase to over 5000 tonnes by 2025-30, compared to the current 2000 tonnes (source: Composites World).

David Hummel, Chief Executive of Victrex, said: "This is an exciting acceleration opportunity which builds on our Kleiss and Magma investments and is in line with the Group's strategy to move further downstream into selected and differentiated semi-finished products.

"We will continue to pursue acceleration options across several of our mega-programmes, whether organically, through partnership or acquisition. Further strengthening and accelerating our growth pipeline remains a key priority for Victrex."







Outlook

At this early stage of the year and with our core business in growth, a continued focus on cost efficiency and a favourable currency environment, we remain comfortable with expectations for 2017.

Victrex will provide an update on its strategy and growth pipeline - 'Polymer to parts' - at a Capital Markets Day in London on Tuesday 28th March 2017

Acquisition
RNS
RNS Number : 7213B
Victrex PLC
06 April 2017
 
 
                                               
 
 
 
 
6 April 2017
 
Victrex plc
 
Acquisition of Zyex offers further downstream growth opportunities

Victrex plc, an innovative world leader in high performance polymer solutions, today announces that it has acquired UK based Zyex, which is recognised as a global leader in the manufacture of PEEK based fibres, principally for the Aerospace, Automotive and Industrial markets.  The acquisition was made for a cash consideration of £10m and offers further downstream growth opportunities in the developing fibre applications area.
The investment is in line with Victrex's downstream strategy and focus on selected semi-finished and differentiated products, based on PEEK and PAEK polymers. Zyex is a well-established and profitable business, based solely on PEEK products. Beyond opportunities from existing applications, the investment will also enable Victrex to explore the potential of 3D printing within the fibres area, building on its own 3D printing consortium announced in 2016.
David Hummel, Chief Executive of Victrex, said: "The acquisition of Zyex is compelling for Victrex, enabling us to not only drive future growth opportunities within well-aligned markets and developing application areas, but to also secure some incremental revenue today.
"Like Victrex, Zyex was formed out of ICI and the two companies coming together is a natural evolution. Whilst Zyex is well-established, Victrex's global reach, innovation focus and proven track record of building new markets offers an attractive opportunity to further develop the business over the coming years. This is in line with our strategy to offer selected and differentiated semi-finished product forms and parts for our customers, building on our core polymer offering."
Zyex had revenues of approximately £7m to 31 March 2016. The business employs 22 people at its manufacturing facilities in Gloucestershire, UK.

Half year report

16 May
Deutsche Bank
1,850.00
Hold
16 May
Liberum Capital
2,240.00
Buy
16 May
JP Morgan...
1,800.00
Neutral
16 May
Berenberg
2,000.00
Hold

Market buzz - Victrex, the plastics group, will update on its third-quarter performance, following a strong first half when sales volumes rose 5%, revenues 12% and profit before tax 5%. On the outlook, the company said there is "potential for variability in the scale of consumer electronics volumes" in the second half, with visibility remaining low, leading the board refused to upgrade its full year expectations.

So there is potential for this to go either way. Deutsche Bank forecast sales volumes up 7% to 1,030 tonnes as weakness in consumer electronics is more than offset by growth in other areas of the VPS industrial business, such as transport, energy and other electronics applications and resellers. "We expect group revenues of £70m, up 16% YoY driven by growth in VPS and further FX benefits while Invibio is expected to remain flat," analysts said, predicting average selling prices are likely to be modestly better than the first half due to increased forex benefits.

Trading Statement
RNS
RNS Number : 9436L
Victrex PLC
25 July 2017
 
 
                                               
 
 
25 July 2017
 
Victrex plc: Interim Management Statement
 'Continued growth; well-placed for FY17'
Victrex plc, an innovative world leader in high performance polymer solutions, today releases its Interim Management Statement for the third quarter (Q3) covering the period 1 April to 30 June 2017.
The Group has performed well since the end of the first half and cash generation has continued to be strong.
 
Although the second half sees a tougher volume comparative, particularly for Q4, our core business has remained in good growth, with Automotive, Electronics (ex-Consumer) and Value Added Resellers being notably strong.  As expected, whilst we saw some Consumer Electronics volumes during Q3, these were lower than the prior year.
 
In Medical, the mature US Spine market continues to be a challenge to short term-growth although Q3 performance was slightly ahead of the prior year in constant currency. Pleasingly, our differentiated and innovative PEEK-OPTIMATM HA Enhanced product, a premium and next generation offering which promotes bone-on growth, has now secured first meaningful revenues of over £1m and adoption rates are progressing.
 
Overall, Q3 Group revenue* was up 26% to £76.3m (Q3 2016: £60.6m), with Group sales volume up 6% to 1,022 tonnes (Q3 2016: 966 tonnes).  Year to date Group sales volume of 2,881 tonnes is 5% up on the prior year (2016 YTD: 2,736 tonnes), with year to date Group revenue of £207.3m up 17% (2016 YTD: £177.6m).
Currency continues to support top-line revenues, with hedges placed at more favourable currency rates benefiting us during the second half year.  The anticipated currency benefit for our 2017 financial year is unchanged, and is expected to be weighted approximately one-third/two-thirds between the first and second half. For 2018, we are now over 60% covered for our currency hedging programme.
 
In our growth pipeline, as well as meaningful revenue for PEEK-OPTIMATM HA Enhanced, several 2017 milestones have now been delivered.  In Automotive, in addition to our agreement to supply PEEK Gears to a major European Automotive manufacturer from 2018, we now have several new market-wide development programmes with global manufacturers.  In Aerospace, construction of our US manufacturing facility is progressing for our TxV Aero Composites joint venture, following pre-qualification of our differentiated grades for loaded brackets last year. We are also developing some strategic alliances in the Aerospace supply chain, as part of our focus on composite parts, to complement this joint-venture. 
 
Outlook
For the remainder of 2017, Consumer Electronics volumes are now expected to be lower than our previous guidance, although market-wide engagement programmes are progressing, offering both volume and value opportunities for 2018, including for differentiated applications.  Overall, our strong core business performance is more than offsetting lower Consumer Electronics and may now offer a degree of upside potential for the full year.  Victrex remains well placed for 2017 and we continue to be comfortable with current expectations.
 
For the medium to longer term, Victrex remains in a good position, with a Polymer & Parts strategy to increase our differentiation, a strong pipeline of potentially game-changing projects, a focus on cost efficiency and a highly cash generative business model.
 
 
Notes:
 
*Q3 and YTD revenue for FY 2017 includes sales from the Zyex PEEK fibres acquisition (completed in April 2017).

Reduction in effective tax rate
RNS
RNS Number : 6641P
Victrex PLC
04 September 2017
 
 
 
 
4 September 2017
Victrex plc
Reduction in Group's effective tax rate under Patent Box
 
Victrex plc, an innovative world leader in high performance polymer solutions, today announces that, based on recently-granted UK patents and following discussions with Her Majesty's Revenue & Customs (HMRC) about the UK's Patent Box legislation1, we now expect our tax rate to be materially lower than previous guidance.
 
With a strong history of investing in research and development (R&D) and of patenting our Intellectual Property (IP), Victrex's strategy of moving downstream from Polymer to Parts, and further differentiating our business through product leadership, will continue to be supported by our approach to R&D investment, to innovation and IP protection.
 
Starting in the current financial year ending 30th September 20172,  we anticipate the annualised impact of Patent Box to reduce the Group's effective tax rate from approximately 21% to around 12%, with an ongoing favourable impact on earnings per share (EPS) and cash, although no cash benefit would be seen in FY17.
 
At a trading level, Victrex continues to be comfortable with current expectations.
 
This announcement contains inside information.
 
Notes:
 
1 The UK's Patent Box legislation was introduced in April 2013. The UK government encourages high-value growth in UK plc through a competitive tax regime that supports UK R&D from conception to commercialisation. The Patent Box forms a key part of this strategy by encouraging companies to commercialise their patents and R&D in the UK
 
2 IFRS requires tax to be recognised on the most likely outcome.  The directors consider the acceptance of Patent Box in the 2017 computations to be more likely than not, although as with all tax items, HMRC reserve the right to query the Company's calculations
 

4 Sep
Liberum Capital
2,440.00
Buy

5 Sep
Peel Hunt
2,300.00
Add
5 Sep
Jefferies...
2,268.00
Hold
5 Sep
Deutsche Bank
2,050.00
Hold
5 Sep
JP Morgan...
2,150.00
Neutral
4 Sep
Liberum Capital
2,440.00
Buy

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11:50 06/09/2017
Broker Forecast - Berenberg issues a broker note on Victrex PLC
Berenberg today upgrades its investment rating on Victrex PLC (LON:VCT) to buy (from hold) and raised its price target to 2600p (from 2000p). Story provided by StockMarketWire.com

28 Sep
Deutsche Bank
2,200.00
Hold
27 Sep
JP Morgan...
2,150.00
Neutral