High performance polymer solutions provider Victrex Plc. (VCT.L) Tuesday said in a third-quarter trading update that it saw solid trading against tougher comparatives.
According to the company, its performance reflected continuing growth across industrial markets, which is offsetting sales to Oil & Gas and a lower contribution from its Invibio medical business.
Third-quarter group revenue was nearly flat with last year at 64.5 million pounds, and slightly ahead in constant currency.
Group sales volume increased 17 percent to 1,070 tonnes from 911 tonnes.
Victrex also announced the acquisition of Kleiss Gears, a US based polymer gears' manufacturer, for approximately $6 million in cash.
Kleiss has over 20 years' experience of unique design and precision moulding capability in gears. It will benefit from Victrex's materials know-how, existing customer relationships and global commercial reach.
Victrex said the acquisition is in line with its strategy of moving further downstream and investing in growth acceleration opportunities for its pipeline projects.
For its 2014 financial year, Kleiss had revenues of $4 million and employed 26 people.
For the year as a whole, despite challenges in the Oil & Gas market, Victrex said its overall momentum remains positive and it still expects to fully overcome the impact of foreign currency.
Consequently, and reflecting its balanced portfolio, Victrex said it remains well positioned to deliver profit progress over the full year.
For comments and feedback contact: editorial@rttnews.com
Business News