|
|
H1 2015 |
H1 2014 |
% change |
|
Revenue |
£130.3m |
£120.0m |
9% |
|
Profit before tax |
£53.9m |
£48.9m |
10% |
|
EPS |
49.8p |
45.1p |
10% |
|
Gross margin |
64.9% |
64.0% |
+90bps |
|
Dividend per share |
11.73p |
11.39p |
3% |
Highlights:
• Revenue up 9%, PBT up 10%
- Strong performance in Victrex Polymer Solutions (VPS) offsetting weaker Oil and Gas
- Strong Consumer Electronics volumes; further potential through FY16
- Invibio focused on second half growth
- Gross margin improvement to 65% driven by volume and efficiency
• New proven capacity online: underpin future growth programmes
- Second Aptiv® film line completed: ultra-thin film to support new opportunities
- Third PEEK plant commissioned: underpin core demand and future growth opportunities
- Further downstream capability: new Polymer Innovation Centre
• Cash remains strong
- H1 closing net cash £42.2m after capital investment cycle & special dividend payment
- H1 dividend 3% ahead to 11.73p; maintain cover around 2x
- Capital allocation and investment for growth plan in development
David Hummel, Chief Executive of Victrex, said: "Victrex made good progress in the first half, with VPS performing well and offsetting lower sales into Oil and Gas. Invibio's performance reflects some impact from industry consolidation in the first half, although we remain focused on second half improvement.
"Volume and plant efficiency helped drive improvement in our gross margins during the first half. Our new PEEK polymer capacity also came online and will help underpin our future growth programmes, alongside our downstream manufacturing capability. Cash remains strong, helping to support an increase in our interim dividend to 11.73p. As previously communicated, we are progressing our capital allocation and investment for growth plan, and expect to update the market at the year end.
