Blackpool-based high performance polymer company Victrex has reported a loss before tax of £44 millon for the six months ended March 31, 2026, after £63 million of “exceptional items.”

Victrex reported a £60.6 million “non-cash impairment” for a China manufacturing facility — but said it “remains committed to this facility in our fastest growing region.”

First-half underlying profit before tax fell 18% to £19 million as revenue edged 1% higher to £147.1 million.

Interim dividend per share was unchanged at 13.42p.

Victrex said its “Profit Improvement Plan” is on track for some “early benefits” at the end of FY 2026, with full year savings of at least £10 million in FY 2027.

The firm said it is simplifying its business, including reducing around 10% of jobs “primarily in central functions.”

Victrex CEO James Routh said: “After a slow start in Q1, we regained momentum in our second quarter, led by our Sustainable Solutions division. Whilst volume growth was 6% in H1 2026, underlying PBT of £19.0m was lower, as previously guided, driven by sales mix, pricing and currency.

“During my first four months leading Victrex I have been greatly impressed by our strong, differentiated products and solutions, and well invested assets. However, despite the passion and innovation amongst our people, we have not adapted quickly enough to changed market conditions and we must now relentlessly focus on improving our execution. 

“The rapid action we have taken to address these issues, through implementing the Profit Improvement Plan and establishing a high-performance leadership team, will help to drive our next phase of sustainable growth.

“Our Profit Improvement Plan is on track for some early benefits at the end of FY 2026, with full year savings of at least £10m in FY 2027. We are simplifying our business, including reducing around 10% of roles, primarily in central functions. Whilst this will support us in the short-term, making Victrex a simpler, more differentiated and more customer focused business is essential to return us to sustainable profit growth.

“Our value proposition remains robust and we will host a Capital Markets Day in September 2026 to set out how we are addressing our challenges including improving execution, as well as our medium term ambitions.

“Overall, our growth opportunities remain strong across a broad range of end markets and geographies. With a clear and differentiated value proposition, unmatched expertise in PEEK and world class applications know-how, we are focused on driving significant improvement in profitability over the medium term …

“The Group has made a solid start to the second half, though we are mindful of the potential implications for global demand and energy costs given the ongoing events in the Middle East. On a full year basis, the Board expects FY 2026 underlying PBT to be in the range of £42m-£44m.”