Thornton based polymer plastics specialist Victrex has said it has had a good first half to the year but has warned tougher times cold be ahead.
The firm which makes the strong and versatile PEEK plastic used in everything from aircraft to medical equipment, speaker membranes for mobile phones and the oil and gas industry saw revenues rise nine per cent on last year.
Although we are mindful of the tougher comparatives for the second half and the continued caution in the oil and gas market, we remain well positioned for progress over the full year
Results for the six months ending March 13 saw the group revenue hit £130.3m compared to £119.9m last year.
Sales volume of 2,028 tonnes 28 per cent ahead of last year’s 1,584 tonnes.
The company said first half performance reflected a continuing growth in consumer electronics but slightly lower sales in its Invibio medical business.
In Victrex Polymer Solutions, lower sales into the oil and gas market hit by low oil prices and which has been shedding jobs, were offset by growth in other markets.
It said Invibio revenue of £25.9m was four per cent down on the prior year and flat in constant currency, although focus remained on continued improvement into the second half. It said currency issues had had an impact on overseas business it fully expected but to overcome that for the full year.
David Hummel, Chief Executive of Victrex said: “Victrex delivered a good first half performance overall.
“Although we are mindful of the tougher comparatives for the second half and the continued caution in the oil and gas market, we remain well positioned for progress over the full year.”
Victrex will report its interim results on Tuesday,May 19.