Business
Victrex plc - Preliminary Results 2023
Victrex plc - Preliminary Results 2023.
About this update from Victrex Plc
[{"type":"text","content":"\n\n\n5 December 2023\nVictrex plc - Preliminary Results 2023\n \n'PBT in-line & record Medical revenues'\n*New mid-term growth targets*\n \nVictrex plc is an innovative world leader in high performance polymers, delivering sustainable products which enable environmental and societal benefit. This announcement covers preliminary results (audited) for the 12 months ended 30 September 2023.\n \n\n\n\n\n \n\n\nFY 2023\n\n\nFY 2022\n\n\n% change (reported)\n\n\n% change\n(constant currency1)\n\n\n\n\nGroup sales volume\n\n\n3,598 tonnes\n\n\n4,727 tonnes\n\n\n-24%\n\n\nN/A\n\n\n\n\nGroup revenue\n\n\n£307.0m\n\n\n£341.0m\n\n\n-10%\n\n\n-13%\n\n\n\n\nAverage selling price (ASP)\n\n\n£85.3/kg\n\n\n£72.1/kg\n\n\n+18%\n\n\nN/A\n\n\n\n\nGross profit\n\n\n£162.6m\n\n\n£174.5m\n\n\n-7%\n\n\n-10%\n\n\n\n\nGross margin\n\n\n53.0%\n\n\n51.2%\n\n\n+180bps\n\n\nN/A\n\n\n\n\nUnderlying profit before tax (PBT)1\n\n\n£80.0m\n\n\n£95.6m\n\n\n-16%\n\n\n-18%\n\n\n\n\nReported PBT\n\n\n£72.5m\n\n\n£87.7m\n\n\n-17%\n\n\n-19%\n\n\n\n\nUnderlying EPS1\n\n\n77.7p\n\n\n95.0p\n\n\n-18%\n\n\nN/A\n\n\n\n\nEPS\n\n\n70.9p\n\n\n87.6p\n\n\n-19%\n\n\nN/A\n\n\n\n\nDividend per share\n\n\n59.56p\n\n\n59.56p\n\n\nflat\n\n\nN/A\n\n\n\n\n \nHighlights:\n \n• PBT in-line# after challenging year\n- Underlying PBT in-line at £80.0m; reported PBT £72.5m\n- FY 2023 volume down 24%; Group revenue down 10%\n· Significant weakness in Electronics, Energy & Industrial, VAR\n· Record Medical revenues +12% & broad-based growth; strong Aerospace performance\n· Robust cost discipline whilst prioritising Medical & innovation investment\n \n• Strong average selling prices; improved gross margin\n- ASP up 18%, driven by price increases (& mix/FX)\n- FY 2023 gross margin up 180bps, offset by lower asset utilisation\n \n• Well placed for macro-recovery, with new strategic growth targets\n- Targeting mid-term revenue growth of 5-7% CAGR## based on core & new applications\n- Upside potential to 8-10% CAGR driven by mega-programme commercialisation\n- Targeting £25m-£35m of revenues from mega-programme portfolio in FY 2025\n- ...