LONDON (dpa-AFX) - Victrex plc (VCT.L), on Friday, reported a 22% decline in first-quarter group revenue that totaled £61.2 million compared to £78.8 million last year.
Q1 group volume decreased 21% to 751 tonnes versus 948 tonnes reported in the prior year period.
At the Group's FY 2023 preliminary results in December 2023, the company's outlook for the year ahead indicated a slow start to FY 2024. This was attributed to the continuation of the weakness seen in H2 2023 across various end-markets, in line with the wider Chemical sector. Although Victrex typically experiences lower volumes in Q1 due to seasonal fluctuations, this period remained challenging, compared to the prior year's good performance.
Jakob Sigurdsson, Chief Executive of Victrex, said, 'After a soft start to the year, in line with the wider Chemical sector, the Group is seeing signs of monthly run-rate improvement, on a sequential basis (Q2 vs Q1).'
The company stated that January trading was solid and ended slightly ahead of the prior year comparative. 'However, we are mindful of the soft start and limited visibility of an uptick in several end-markets. Together with the increased year-on-year impact in our income statement from reduced asset utilisation, this means first half revenue and PBT is expected to be lower than the prior year period,' Sigurdsson added.
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