LONDON (dpa-AFX) - Victrex Plc (VCT.L) said Tuesday in its trading update for the third quarter that revenue for the period declined 3 percent to 71.5 million pounds from 74.0 million pounds in the same period last year. This was mainly due to lower-than expected Medical revenues, with Spine being the most affected division, the company added.
On the LSE, the stock is down 9 percent on Tuesday's trading at 712.50 pence.
The supplier of high performance polymers said that sales volume for the period, however, rose 8 percent to 1,057 tonnes from 979 tonnes in the year-ago quarter, helped by good growth in Sustainable Solutions.
In the third quarter, growth within the Sustainable Solutions segment was primarily driven by strong performance in the Energy & Industrial and VARs businesses compared to the same period last year. In the Aerospace segment, sales volumes remained stable despite facing more challenging year-on-year comparatives.
Looking ahead, the company said that it is well positioned to achieve at least high single-digit volume growth for the full year, in line with its existing guidance. However, the remainder of fiscal 2025 remains challenging, amid the ongoing macroeconomic uncertainties. Additionally, the company is also expecting a currency-related headwind of around 9 million pounds.
Victrex said that while it is expecting a slight improvement in underlying profit before tax in the second half of the year compared to the first half's underlying PBT of 23.2 million pounds, the ongoing uncertainties in sales mix and average selling prices, may yield second-half underlying PBT mostly in line with the first half.
Victrex will report its fiscal 2025 preliminary results on December 2.
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