Record year at polymer firm

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WORLD-leading polymer company Victrex has announced a record year for turnover and profit.

The Hillhouse site-based firm took advantage of lower costs and simultaneously improved sales to grow turnover 14 per cent to £215.8m. Operating profit was up from £74.9m to £93.8m.

Chairman Anita Frew said: “I am delighted to report another year of strong organic growth at Victrex with record group revenue and profits and a 30 per cent increase in the annual dividend.

“Demand across most of our end user markets continues to be stable. We have seen some softening in parts of our Victrex Polymer Solutions business, particularly in Europe, as customers are cautiously managing inventories ahead of the calendar year end. In our Invibio business we continue to see good growth.”

However, issues in the eurozone are a cause for concern, according to Mrs Frew.

She added: “We remain vigilant of the economic uncertainty, particularly in the eurozone, and the impact this could have on our customers and end users.

“While it is early in the financial year, assuming demand in our end markets remains resilient we anticipate full year earnings being on track with current market expectations for 2012.”

The Invibio business creates polymers for use in surgical procedures and has helped the firm reach new areas of business.

Victrex opened the new Japan Technology Centre last month to concentrate on the transit, electronics and energy industries.