Highlights:
• Robust core business offset by Consumer Electronics and Oil & Gas
- Q2 core volumes (ex-Consumer Electronics) >900 tonnes, in line with record Q2 2015
- Automotive & Aerospace in growth, Medical solid
- H1 performance offset by Electronics (down 42%) and Oil & Gas softness (down 28%)
- Gross margin reflects annualised new plant costs
• Strong progress developing the pipeline; early stage commercialisation
- Kleiss acquisition brings Gears closer to commercialisation; major OEM prototype orders
- Magma Oil & Gas mega-programme on track for meaningful revenue in FY16
- Aerospace composites progressing towards qualification
- New polymer grades being developed for multiple markets
- Further progress in PEEK-Optima® HA-Enhanced; regulatory submissions doubled
• Downstream manufacturing investments in progress
- PEEK/composite tape line underpins Aerospace, Medical and Magma mega-programmes
- New Trauma facility currently being commissioned
- Construction commenced for Polymer Innovation Centre; supports new Victrex-led 3D printing consortium
• Cash generation remains strong
- Net cash up 7% to £45.3m
- Interim dividend of 11.73p (H1 15: 11.73p)
