Highlights:
Continued growth momentum: H1 revenue 13% ahead and PBT 7% ahead
Strong trading in VPS driven by core PEEK sales; Invibio returned to growth
Speciality Products remain strong; double-digit sales growth
Margins reflect cost of manufacture, mix and currency in H1
Major capacity expansion now scheduled for commissioning in early 2015; supporting core growth and new business opportunities
Good cash generation; interim dividend increased by 10%
Anita Frew, Chairman of Victrex, said: "Victrex saw continued growth momentum during the first half of 2014, principally reflecting a very strong second quarter. We delivered broad based growth across our strategic markets, with a particularly strong performance in our core VPS business, alongside continued growth in Speciality Products and a return to growth in Invibio. Margins in the first half reflect product mix, cost of manufacture and currency. Our cash generation remains healthy, despite the significant capital investment this year to expand our manufacturing capacity.
"Across our markets, structural growth drivers remain strong and our development pipeline reflects an emphasis on larger and more value driven opportunities. We continue to focus on delivering leading edge solutions to our customers as the partner of choice. To support core growth and some new business opportunities, our new capacity is now scheduled for commissioning in early 2015.
"Our second half has started well, with initial volume trends building on our first half performance. Although we remain mindful of increasing currency headwinds as we move towards 2015, our continued growth momentum means our expectations for the full year are well supported. We will continue to focus on driving growth and creating value across our strategic markets."
