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

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Half year report

Highlights:

• Continued broad based growth
- Group sales volumes up 21% driven by core growth & new applications
- Core volumes* (ex-Consumer Electronics) up 13%
- Group revenue up 27%, constant currency revenue* up 15%
- Strong performances in Automotive & Electronics, offset by Medical (in constant currency)
- Profit before tax (PBT) up 26%, supported by H1 currency weighting

• Further milestones in new product pipeline
- Dental supply agreement to enhance market access
- First parts supplied for PEEK Gears mega-programme & further opportunities
- Magma on track for full year growth & new Brazil deep-water opportunity
- Commissioning of TxV Aero Composites facility in H2 2018

• Strong cash generation supports investment & shareholder return
- Cash (available*) up 7% to £91.8m and operating cash conversion* of 106%
- Interim dividend up 10% to 13.42p/share

12:00 17/05/2018
Broker Forecast - Peel Hunt issues a broker note on Victrex PLC
Peel Hunt today upgrades its investment rating on Victrex PLC (LON:VCT) to add (from hold) and raised its price target to 2850p (from 2400p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

11:00 23/05/2018
Broker Forecast - HSBC issues a broker note on Victrex PLC
HSBC today initiates coverage of Victrex PLC (LON:VCT) with a hold investment rating and price target of 2650p. Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

New highs.

11:30 16/07/2018
Broker Forecast - Morgan Stanley issues a broker note on Victrex PLC
Morgan Stanley today reaffirms its equal weight investment rating on Victrex PLC (LON:VCT) and raised its price target to 2980p (from 1600p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Interim Management Statement
RNS
RNS Number : 6360V
Victrex PLC
25 July 2018






25 July 2018
Victrex plc: Interim Management Statement
'On track for a strong FY18'
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 2018.
Victrex has performed well since the end of the first half and cash generation has remained strong. Core business momentum has continued, with the majority of our markets in growth. Q3 saw a slightly lower contribution from the large Consumer Electronics order and with no volumes expected from this order in the fourth quarter, we will see a tougher Q4 comparative versus last year.

Medical revenue was in line with the prior year. Despite the challenging US Spine market, we still anticipate delivering meaningful revenue this year for our differentiated and innovative PEEK-OPTIMATM HA Enhanced product.

Overall, Q3 Group sales volume was up 14% to 1,161 tonnes (Q3 2017: 1,022 tonnes), with Group revenue up 10% to £84.0m (Q3 2017: £76.3m). Year to date Group sales volume of 3,417 tonnes is 19% up on the prior year (2017 YTD: 2,881 tonnes), with year to date Group revenue of £250.6m up 21% (2017 YTD: £207.3m).
Mega-programme progress
Victrex continues to focus on delivering further milestones in its growth pipeline and mega-programmes.

Following a commitment to deploy Magma's flexible oil & gas composite pipe by Tullow in West Africa, additional opportunities are under discussion, both with Tullow and other operators, in FY19. In Aerospace, construction of our US manufacturing facility, to support our TxV Aero Composites joint venture, is nearing completion, with prototype orders already in place. In Medical, following the agreement with Straumann Dental to enhance market access for our Juvora Dental product, we are in discussions for further customer agreements.

Currency
Currency remains in line with guidance for FY18, with approximately 90% of the FY18 currency benefit already seen in the first half, and a much lower benefit in the second half year. Looking ahead to 2019, over 50% of our currency hedges are in place. Although Sterling has slightly weakened since the end of our first half year, our guidance for FY19 remains similar, with an approximately £8m - £10m headwind to profits based on current rates and hedging in place, and reflecting some emerging raw material inflation.

Outlook
With continued momentum in our core business and milestones in our mega-programmes, we remain well positioned to continue driving growth as part of our Polymer & Parts strategy.

Although growth comparatives will be tougher in Q4, and we will see currency becoming a headwind, Victrex remains comfortable with full year expectations. Overall, we are on track to deliver a strong performance for FY18 as a whole.

10:10 04/10/2018
Broker Forecast - UBS issues a broker note on Victrex PLC
UBS today reaffirms its buy investment rating on Victrex PLC (LON:VCT) and raised its price target to 3600p (from 3300p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

08:10 12/10/2018
Broker Forecast - Morgan Stanley issues a broker note on Victrex PLC
Morgan Stanley today downgrades its investment rating on Victrex PLC (LON:VCT) to underweight (from equal weight) and cut its price target to 2300p (from 2500p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

Preliminary results

Highlights:

• Strong core business* growth
- Group sales volumes up 10% driven by core growth & mega-programme progress
- Group revenue up 12%; constant currency revenue** up 7%
- Strong performances across Industrial markets; Medical revenue up 3%
- Profit before tax (PBT) up 15%, supported by currency

• Further progress in 'mega-programmes'
- Major Dental supply agreement with Straumann and new Trauma collaboration
- PEEK Gears now "on the road" & further larger opportunities
- Strong performance in Magma following planned deployments & further opportunities
- TxV Aero Composites facility in commissioning; new Aerospace alliances under discussion
- Clinical trial submitted for PEEK Knee programme

• Continued strong cash generation, supporting investment & shareholder return
- Operating cash conversion** of 107% giving cash available** up 20% to £144.4m
- Regular dividend up 11% to 59.56p/share and special dividend of 82.68p/share
- Dividend distribution policy retained, balancing investment flexibility & shareholder return

4 Jan
Peel Hunt
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