HIGH performance plastics manufacturer Victrex has seen profits rise, beating last year’s record.
The firm which has a plant employing 300 at Hillhouse, Thornton, reported pre-tax profits up 0.3 per cent to £94.5m from £94.2m last year.
Up to the year to the end of September it saw revenues rise two percent to £219.8m from £215.8m and overall profit up to £71.9m from £71.2m.
Earnings per share rose to 85.1 pence from 84.4 pence and volumes of sales rose two per cent to a record 2,904 tonnes. It paid a full-year dividend per ordinary share of 37.4p.
Anita Frew, the company’s chairman, said the results had been achieved despite tough market conditions. Victrex’s products are mainly exported into a number of sectors, including aerospace, automotive, medical, electronics plus oil and gas.
She said: “On behalf of the board, I am pleased to report that we have delivered another year of record performance in Victrex, despite the challenging global economic environment.
“Strong new business commercialisation in our VPS (Victrex Polymers Solutions) business and growth in the developing markets of our Invibio business have driven this year’s success.
“The fundamental growth drivers for our business continue to be strong across all of our end markets.”
In the future, she said that while a “number of macro uncertainties remain” the group is encouraged by the growth potential for both its divisions, VPS and Invibio “through innovation in the spine market and further progress in our developing markets.”
The company has started work on a £90, expansion of its polyaryletherketone production facilities at Thornton which will create 30 jobs and increase capaicty by 7-0 per cent to around 7,000 tonnes.