Victrex plc (VCT) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, ladies and gentlemen, and welcome to the Victrex third quarter interim management statement. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session through the phone lines, and instructions will follow at that time. I would like to remind all participants that this call is being recorded. I will now hand over to the CEO of Victrex, Jakob Sigurdsson, to open the presentation. Please go ahead. Thank you. So good morning, everyone, and welcome to Victrex's third quarter Entry Management Statement Call. This covers the period from the 1st of April through the 30th of June, 2024. Joined on the call by Ian Melling, our CFO, and Andrew Hansen, our Director of IR. I will start with a summary of the key messages and the key outcomes, and Ian will then cover the financial detail. And towards the end, we'll open up the call towards questions and answers. So turning to the headlines, I'm pleased to say that despite the mis-sentiment within Chemcos and some end markets right now, we delivered growth in both volume and revenue during the third quarter versus the third quarter of 2023 with 20% volume growth over this comparable period. This marks the first period since the fourth quarter of 2022, when we've seen quarterly volume and revenue growth compared to the prior year period. What this shows is that we're seeing continuing momentum from the early signs of recovery we saw in the second quarter, although the picture remains a bit mixed by N sector. On a sequential basis, compared to the second quarter of 2024, volumes are flat. The puts and takes for Q3 versus Q2 mainly relate to growth in VAR and electronics quarter-on-quarter, being offset by automotive, where the restocking benefit we saw in the first half did n...