Victrex 2017 final results
Strong core business growth, fully offsetting lower Consumer Electronics
- Core business volumes up >15% reflecting broad based growth & new applications
- Total sales volumes up 1%
- Group revenue up 15%, constant currency revenue up 3%
- Strong performances in Automotive, Electronics (ex-Consumer), Value Added Resellers, Energy
• Further progress in new product pipeline
- PEEK Gears supply agreement to major European car manufacturer starting in 2018
- Meaningful revenue of £1m+ for PEEK-OPTIMATM HA-Enhanced Spine product
- Medium term aspiration for 10-20% of sales from new products* (2017: 4%)
• Investment to underpin Polymer & Parts strategy
- £10m acquisition of Zyex PEEK fibres business to expand semi-finished products offering
- TxV Aero Composites joint-venture to develop differentiated Aerospace products
- £10m Polymer Innovation Centre now operational; support prototyping & new polymer grades
• Record cash generation supports strong shareholder returns
- Cash up 88% to £120.1m and operating cash conversion of 124%
- Regular dividend up 15% to 53.80p (dividend cover 2.2x), special dividend of 68.00p/share
