LONDON (dpa-AFX) - Victrex PLC (VCT.L), a high performance polymer solutions provider, reported Tuesday that its fiscal 2023 profit before tax dropped 17 percent to 72.5 million pounds from last year's 87.7 million pounds.
Earnings per share declined 19 percent to 70.9 pence from 87.6 pence last year.
Underlying profit before tax was 80 million pounds, compared to 95.6 million pounds a year ago. Underlying earnings per share were 77.7 pence, compared to 95.0 pence last year.
Group revenue dropped 10 percent to 307.0 million pounds from prior year's 341.0 million pounds. Revenues fell 13 percent at constant currency rate.
Further, the company proposed a final dividend of 46.14 pence per share, same as last year, reflecting confidence in future performance.
Looking ahead, Jakob Sigurdsson, Chief Executive of Victrex, said, 'The Group is expecting good progress in revenue and PBT for FY 2024, subject to an improving macro-economic outlook. Volumes have the potential for double-digit growth although, at this early stage, we have yet to see signs of a macro recovery, with a slow start to our typically seasonally weak Q1. Consequently, growth is expected to be second half weighted, which is consistent with some end-market indicators pointing to improvement during 2024.'
The company said demand continues to be soft in Electronics, Energy & Industrial and VAR. Automotive and Aerospace remain positive, with Medical also expected to deliver full year growth.
Further, the company has set new mid-term growth targets of 5-7 percent CAGR for revenue.
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