Blackpool-based polymer company Victrex said on Tuesday its profit before tax and exceptional items increased in its recent financial year as the company achieved “record” revenue in its industrial division.

The firm reported a profit before tax and exceptional items of £95.6 million in the year ended September 30, up 4.3% from £91.7 million the year before.

Revenue grew 11% to £341 million from £306.3 million the year prior.

This was driven by an 11% increase in Victrex’s industrial revenue to £282.7 million from £255.2 million, following an improved sales mix and “greater” commercialisation of its aerospace composite business.

Victrex said medical revenue also aided the overall revenue growth, rising 14% to £58.3 million from £51.1 million the year before.

Victrex declared a final dividend of 46.14p, unchanged from the year before. This brings Victrex’s total dividends for the year to 59.56p per share, down from 109.56p per share in financial 2021.

“Several end-markets are yet to fully recover from the effects of the pandemic, and we continue to see good growth opportunities across the group,” said Victrex CEO Jakob Sigurdsson.

“However, we are mindful of the uncertain macroeconomic outlook for 2023 and some signs that Value Added Resellers volumes are edging down slightly, to more normalised levels.

“This means the opportunity to improve on last year’s record group volume is likely to be challenging.”

Sigurdsson added that Victrex faces further and “significant” energy and raw material inflation, although additional pricing actions are in progress, with a timing lag.

Victrex shares were down about 4%.

Reporter: Jaskeet Briah

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