WORLD LEADER IN HIGH PERFORMANCE POLYMER SOLUTIONS
We bring transformational & sustainable solutions which address world material challenges every day
VICTREX PLC
PRELIMINARY RESULTS
6 DECEMBER 2021
EXECUTIVE
DIRECTORS
Jakob Sigurdsson
Chief Executive Officer
Richard Armitage
Chief Financial Officer
Martin Court
Chief Commercial
Officer
A SOLID &
SUSTAINABLE RECOVERY
SAFELY
NAVIGATING
COVID-19
CHALLENGES
Health, safety and well-being of our employees the highest priority
Strong customer service levels, >90% On Time In Full (OTIF)
Global Return to Site in most regions (backed by Flexible Working)
Embedded a Zero Accident, Zero Incident culture
(recordable injury frequency rate down 45%)
HIGHLIGHTS
A solid & sustainable recovery
SOLID & SUSTAINABLE RECOVERY; FY VOLUMES +25%
FY sales volume up 25%, driven by improving end-markets
Double-digitYoY growth in Electronics, Energy & Industrial, VAR
Improvement in Automotive with volumes +18% despite Semiconductor challenges
Medical revenue up 3% as elective surgeries gradually return
9% increase in new application targets
PBT UP 21%; STRONG VOLUME GROWTH & COST MANAGEMENT
Underlying PBT up 21% at £91.7m; reported PBT up 46% at £92.5m
GM stable at 54.0% despite weaker mix, FX and inventory unwind
FURTHER ENHANCED ESG STRATEGY
• FURTHER PROGRESS IN 'MEGA-PROGRAMME' GROWTH PIPELINE
Signatory to Science Based Target initiative (SBTi), reflecting 2030 net zero goal (Scope 1 & 2)
New ESG criteria added to Executive remuneration
Strong validation of PEEK technology through sale of Magma interest to TechnipFMC; opportunities in traditional & new energy including hydrogen transportation
Good progress in PEEK Knee clinical trial; 10 patients now implanted
Meaningful revenue of c£1m in PEEK Gears
Further progress in E-mobility, with 50% increase in development agreements
FY 2021 available cash £99.9m** underpinning c£40m capex; FY 2022 investment focused on China
Operating cash conversion1 100%
Civil construction progressing on plan for new PEEK facility in China; commissioning in 2022
1 Alternative performance measures are defined in the Appendix on slide 37
-
Post-Brexit inventory unwind benefiting cashflow; total inventory down £28m to £70m
**Available cash of £99.9m
excludes £12.5m of cash ring-fenced in the Group's Chinese
-
Dividends returned to pre-COVID-19 levels & special dividend of 50p/share
5
subsidiaries and
includes £37.5m in 95-day notice deposit accounts
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Victrex plc published this content on 06 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2021 08:11:09 UTC.
Victrex plc is a United Kingdom-based holding company. The principal activity of the Company is the manufacture and sale of high-performance polymers. The Company develops solutions in polyetheretherketone (PEEK) and polyaryletherketone (PAEK) based polymers and selects semi-finished and finished parts. The Company operates through two segments: Sustainable Solutions and Medical. The Sustainable Solutions segment focuses on its energy and industrial, value-added resellers (VAR), automotive, aerospace and electronics markets. The Medical segment is focused on providing specialist solutions for medical device manufacturers. The Companyâs subsidiaries include Victrex Manufacturing Limited, Invibio Limited, Invibio Knees Limited, Invibio Device Component Manufacturing Limited and Juvora Limited.