Victrex records a bumper year

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Victrex, the Lancashire-based polymer specialists, announced what it called “another year of record performance” despite a challenging global environment.

Group turnover rose 2% to £219.8m in the year to 30 September, 2012, while gross profits dipped 0.5% to £145.7m.

Operating profits rose 0.2% to £94m, while earnings per share were 0.5% higher at 85.7p. The group said it would pay a final dividend of 28.4p, nearly 16% higher than in 2011.

Victrex chairman Anita Frew said the company’s success had been driven by “strong new business commercialisation” in its Victrex Polymer Solutions (VPS) operation and growth in the developing markets of its Invibio Biomaterial Solution business.

“Sales volume in our VPS is showing good growth relative to the comparative period last year, albeit at a lower run rate than the record second half of last financial year,” Frew said.

“Our Invibio business has had a steady start to the year despite the continuing challenges in the US medical device market.”

VPS accounts for 77% of Victrex's turnover and 73% of the group's operating profit, the balance coming from Invibio.

Frew said the trends of an ageing global population looking for a better quality of life in later years, together with the desire for more cost effective treatments for patients, “play to the strengths of our products and services and will continue to provide growth opportunities for the future”.