Business
AGM Statement
AGM Statement.
About this update from Victrex Plc
[{"type":"text","content":"\n \nRNS Number : 2728W Victrex PLC 08 February 2017 \n\n \n \n \n \n \n8 February 2017\nVictrex plc\nAGM and Q1 Interim Management Statement\n'A solid start to 2017 - strong growth in core business'\nVictrex plc, an innovative world leader in high performance polymer solutions, today releases its first quarter (Q1) Interim Management Statement ahead of its Annual General Meeting (AGM) being held today. \nVictrex made a solid start to 2017, with a strong performance in the core business compared to a weak Q1 2016. Q1 2017 sales volumes in the core business (excluding Consumer Electronics) were 25% ahead of the prior year quarter, reflecting growth across Automotive, Aerospace, Energy & Industrial and Value Adding Resellers. Electronics, outside of the large Consumer Electronics order, also saw growth. Q1 2017 performance was offset by Medical, which was behind last year, principally due to phasing.\nOverall, Q1 2017 Group revenue of £55.7m was broadly in line with the prior year (Q1 2016: £56.0m), with Q1 2017 Group volumes of 810 tonnes down 6% (Q1 2016: 860 tonnes). Q1 2017 performance reflected, as expected, the very limited volumes from the large Consumer Electronics order, compared to much stronger volumes in the prior year. \nVictrex retains a highly cash generative business model, with no significant changes to its financial position since 30 September 2016.\nJoint-venture to accelerate Aerospace Loaded Brackets mega-programme\nVictrex is also announcing today that it is investing to help accelerate its Aerospace Loaded Brackets mega-programme, via a joint-venture with Tri-Mack Plastics, a proven partner for manufacturing semi-finished and finished parts within Aerospace. \nThe joint-venture, TxV Aerospace Composites, will focus on developing a new supply chain, with the capability to manufacture, at scale, unique and differentiated Loaded Brackets, blending new PEEK and PAEK polymer grades and composite materials. Victrex will have the majority share of the JV and total capital expenditure from Vi...