Victrex plc announced interim management statement for the first quarter of 2019. With expected end-market headwinds, tougher comparatives, some de-stocking and adverse currency, the company saw a weaker start to its 2019 financial year. Overall, first quarter revenue of £64.1 million was 18% down on the prior year (first quarter 2018: £78.7 million), with first quarter Group sales volume of 822 tonnes being 22% down on the prior year (first quarter 2018: 1,051 tonnes). Excluding volumes for the large Consumer Electronics contract, core business volumes were down approximately 13% during first quarter.

Pleasingly, January and February saw some initial improvement, although given first quarter performance, the first half is expected to be much weaker overall, compared to the prior year.

Expectations for the second half are unchanged, with new projects and reduced headwinds supporting assumptions. With strong structural growth opportunities, a healthy new product pipeline and a highly cash generative business model, the company continue to be well-placed for the medium and long term.