'Difficult decision' - Around 50 jobs at risk at Victrex in Thornton after £44m loss announcement
Thornton-based manufacturer Victrex, which employs 1,100 employees globally, now plans to reduce its workforce in the third quarter of 2026.
A Fylde coast manufacturer is set to cut a 10 per cent of its workforce after suffering a hefty loss over the past six months.
Thornton-based manufacturer Victrex, which employs 1,100 employees globally, now plans to reduce its workforce in the third quarter of 2026.
Bosses explained this equates to around 50 jobs connected to it’s Thornton plant on Hillhouses Technology Enterprise Zone on the former ICI site.
All the latest news and top stories from across Blackpool and the Fylde coast directly to your phone
Never miss a thing. Click here to join
A spokesman for Victrex told The Gazette: “About 100 people are affected and over half of those are in the UK, most of which are employed at the Thornton site.
“However, we are still going through the process of consultation.
“The area we are focussing on is the support side rather than sales or customer services.
“The company is facing increased competition, mainly from China, and profits have halved in the last four years. Vitrex has made a reported loss of £44m in today's half year results announcement. “
In 2013 Victrex celebrated 20 years in business.
Shares in the Fylde coast-based polymer producer were lower in early trading on Monday as a result.
The London-listed firm said it is pushing forward with a profit improvement plan to help shore up its finances, which is currently “progressing well”.
A spokesman for Victrex said: “Victrex has made the difficult decision to propose reducing approximately 10% of employee roles across certain areas of our business, more than half in the UK. UK consultation is currently in progress, with roles at risk mainly in support or central functions.
“Victrex is a world leader in PEEK polymers, with our products going into smartphones, planes, cars and medical devices. We employ over 1,100 people globally, approximately two-thirds in the UK.
“Whilst nearly all of our manufacturing is in the UK, 98% of sales are outside the UK and Victrex has been impacted by increased competition, economic uncertainty, high energy costs in the UK and other business costs.
“It is essential for us to adapt, including adjusting our cost base to remain competitive – taking these actions now will help us create a more sustainable future for Victrex.”
All the latest news direct to your inbox
Victrex said that costs from the severance process will be part of up to £10million in exceptional costs to be incurred for the current financial year.
It came as the company reported a pre-tax loss of £44 million for the six months to March, sliding from a £17.2 million profit a year earlier.
The significant loss was linked to a £60.6 million non-cash impairment on a Chinese manufacturing facility.
The Thornton-Cleveleys-based company said underlying pre-tax profits were down 18% to £19 million for the half-year.
James Routh, chief executive officer of Victrex, said: “During my first four months leading Victrex I have been greatly impressed by our strong, differentiated products and solutions, and well invested assets.
“However, despite the passion and innovation amongst our people, we have not adapted quickly enough to changed market conditions and we must now relentlessly focus on improving our execution.
“The rapid action we have taken to address these issues, through implementing the profit improvement plan and establishing a high-performance leadership team, will help to drive our next phase of sustainable growth.”