LONDON (dpa-AFX) - Victrex plc (VCT.L), on Wednesday, issued trading update for the period ending 31 May 2023, and said it now expects full year adjusted profit before tax or PBT to be between £80 million and £85 million.
During the first half, Group volumes declined by 14%. Whilst the Group remains ready to benefit from a macro-economic recovery, latest indicators suggest these current headwinds will now continue over the summer and at least until the end of FY 2023 in September.
The company noted that despite good progress in Medical, ongoing industrial headwinds mean YTD Group volumes are now tracking in excess of 20% down, compared to the record prior year. YTD Group revenue is tracking down by a mid-single digit percentage rate. If current run-rates continue, full year revenue would be down between 6%-10%.
For the third quarter, the company expects volumes to be about 800 tonnes compared to 1,323 tonnes reported in the prior year period.
Outlook
'Whilst we are seeing progress on gross margin, driven by pricing, sales mix, currency and easing energy costs, Group adjusted PBT to 31 May 2023 was approximately £53m. With no step up in demand going into the final quarter currently visible, and the resulting lower industrial revenue expectations, our full year adjusted PBT is now expected to be between £80m-£85m,' the company stated.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX