LONDON (dpa-AFX) - Victrex PLC (VCT.L), a high performance polymer solutions provider, reported Thursday weak revenue and volume in its third quarter with weakness in Electronics, Energy & Industrial and Value Added Resellers. Looking ahead, the company continues to expect fiscal 2023 adjusted profit before tax to be in the range of 80 million pounds to 85 million pounds.
In its trading update, the company said, as announced earlier, that it is seeing ongoing macro-economic weakness and destocking across several end markets. The company said it continues to be well positioned for a macro-economic recovery.
In the third quarter, group revenue was down 23 percent to 72.2 million pounds from 93.4 million pounds last year. Group volume fell 38 percent to 818 tonnes from prior year's 1,323 tonnes.
The third quarter saw further improvement in average selling prices.
The year-to-date Group revenue dropped 8 percent to 234.4 million pounds, and Group volume fell 23 percent to 2,759 tonnes.
Looking ahead, Jakob Sigurdsson, Chief Executive of Victrex, said, 'In line with our recent trading update, we continue to be impacted by ongoing macro-economic weakness and destocking in several end markets.... Overall, our Outlook is unchanged from what we recently communicated... As we move into the final quarter, strong average selling prices, mix, energy costs and cost discipline remain supportive, and we continue to be well-placed for when the macro-economic environment improves.'
Victrex will report its preliminary results for fiscal 2023 on December 4.
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