Headwinds Building For Victrex in 2019
Narrow-moat Victrex reported decent second-half results. Profit before tax of GBP 65 million was up 6% over 2017 and broadly in line with our expectations. Second-half volume of 2,151 tonnes was in line with 2017,but slightly below our expectations due mainly to weaker demand from value-added resellers. The company declared a special dividend of GBX 83, above our GBX 60 estimate. After flagging potential changes previously, Victrex decided to retain its current dividend distribution policy. Whil...Victrex is a non-trading investment holding company. Through its subsidiaries, Co. is engaged in polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy (including Manufacturing & Engineering), Electronics and Medical. Co. develops solutions in Polyether ether ketone (PEEK) and Polyaryletherketones (PAEK) based polymer, selected semi-finished and finished parts. Co.'s operating segments are: Industrial (Victrex Polymer Solutions), which focuses on its Automotive, Aerospace, Electronics and Energy markets; and Medical (Invibio Biomaterial Solutions), which focuses on providing solutions for medical device manufacturers.
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