Victrex PLC says no Brexit worries yet as sales edge up
“This is a positive start to FY 2021 and we continue to see incremental improvement across several of our end markets”
() said business improved slightly in the final three months of 2020, but it is leaving forecasts for this year unchanged.
The high-spec thermoplastics maker added that so far in 2021 its supply chain had suffered no Brexit disruption with continued tariff-free access into the EU.
Revenues from October to 31 December 2020, the group’s first quarter, were slightly ahead of expectations, but the performance varies by product market it said in a trading update.
Asia is the region seeing the most incremental improvement, with electronics the strongest sector and aerospace the weakest.
Jakob Sigurdsson, chief executive, added: “This is a positive start to FY 2021 and we continue to see incremental improvement across several of our end markets.
“Nevertheless, the incremental improvement trend may remain variable and our assumptions are that we will still see a weaker first half overall, compared to H1 2020 which ended strongly.
“Consequently, at this early stage, our full-year expectations are unchanged.”
Net cash was £84.4mln at 31 December 2020, which excludes cash ringfenced for the new Panjin VYX facility in China.
Read More: Victrex PLC says no Brexit worries yet as sales edge up