London · Delayed Price · Currency is GBP · Price in GBX Victrex Earnings Call Transcripts
Fiscal Year 2026
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H1 saw modest revenue growth and strong cash flow, but margins and profits declined due to price and mix pressures. A major China plant impairment and restructuring are underway, with a new decentralized model and profit improvement plan expected to drive better performance in H2 and beyond.
Fiscal Year 2025
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FY 2025 saw 12% volume growth but only a 1% revenue rise, with profit hit by currency and mix. A new profit improvement plan targets £10m in savings, while FY 2026 guidance expects modest growth, stable margins, and continued strong cash conversion.
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Q3 saw 8% volume growth but a 3% revenue decline due to adverse mix and medical weakness. Full-year volume guidance remains high single digits, with currency and medical spine headwinds impacting outlook. CEO transition and China facility progress highlighted.
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H1 2025 saw 16% volume growth and strong cash conversion, but gross margin and ASP declined due to mix and China ramp-up costs. Full-year guidance was upgraded for volume but lowered for ASP and margin, with strong outlooks in aerospace, electronics, and medical non-spine.
Fiscal Year 2024
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Volumes grew 4% in FY 2024, but revenue fell 5% due to medical destocking and lower asset utilization, leading to a 26% drop in underlying PBT. Strong cash conversion and reduced CapEx position the business for mid-single-digit volume growth and margin improvement in FY 2025.
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Q3 saw 20% volume and 2% revenue growth year-over-year, with strong performance in VAR, electronics, and aerospace, but medical remains a headwind due to industry-wide destocking. Full-year volume growth is expected in the low to mid-single digits, though profit improvement depends on medical recovery.