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Victrex Plc (VCT)     

dreamcatcher - 10 Feb 2013 08:20

Victrex is the world’s leading manufacturer of high performance polyaryletherketone materialsVictrex plc, a leading global manufacturer of high performance polymers, comprises two divisions: Victrex Polymer Solutions that focuses on transport, industrial and the electronics markets and Invibio Biomaterial Solutions that focuses on providing specialist solutions for medical device manufacturers.

Victrex Polymer Solutions specializes in the development and manufacture of high performance polyaryletherketones such as VICTREX® PEEK polymer, VICOTE® coatings, APTIV® films, and VICTREX Pipes™.

Invibio® Biomaterial Solutions provides access to highly specialized biocompatible PEEK-based materials and services for medical device manufacturers.With more than 30 years of experience, Victrex has a production, technology, customer service and distribution team that spans more than 30 countries worldwide.

We work directly with material processors and design engineers in a multitude of industries to help create new applications using Victrex polyketone materials. We help improve processing techniques and find ways to reduce overall costs with the goal to introduce competitive, innovative applications to the marketplace


dreamcatcher - 10 Feb 2013 08:20 - 2 of 86

MIDAS SHARE TIPS: Wonder-plastics maker ready to double output

By Joanne Hart

PUBLISHED:22:12, 9 February 2013| UPDATED:22:12, 9 February 2013

Victrex is a great British company. It makes an extraordinary type of plastic that is sold globally and used in products as wide-ranging as dentures, aircraft, mobile phones and oil rigs. The shares are 1549p and should increase steadily over the next five years, a rewarding stock for the patient investor.

Victrex, based in Thornton Cleveleys, Lancashire, was initially part of ICI, once a bellwether of the British economy but sold to Dutch conglomerate Akzo Nobel in 2008.

During ICI’s heyday, however, the company was at the forefront of chemical research and developed a product known as PEEK, an extremely durable, heat-resistant plastic.

Investment opportunity: Victrex was initially part of ICI, once a bellwether of the British economy but sold to Dutch conglomerate Akzo Nobel in 2008

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Investment opportunity: Victrex was initially part of ICI, once a bellwether of the British economy but sold to Dutch conglomerate Akzo Nobel in 2008

In 1993, the plastics business split off from its parent and Victrex was born. Over the past 20 years, the company has expanded substantially but it continues to focus on PEEK, still considered one of the highest-performing materials in the world.

The plastic can be moulded into various guises but in each case, it is lightweight and very strong, so it can be used in a multitude of ways. In the oil and gas industry, for example, exploration is being carried out in increasingly difficult locations – deep underground or miles out to sea. Pressure on equipment is enormous but PEEK’s strength and versatility mean it is used in components such as valves, tubes and plugs.

The group is even working on PEEK pipes as a replacement for conventional steel ones. Metal is heavy, expensive and difficult to keep afloat so using the plastic could save money and be easier to put in place, allowing explorers to drill more deeply offshore.

At the other end of the spectrum, the material is used to make delicate speaker diaphragms on mobile phones as well as components for printers and circuit boards.

PEEK has another key advantage – it is biologically inert, so it can be safely used within the body. The plastic is already widely used in spinal operations and Victrex is working on knee and hip replacements. In the dental field, it is being rolled out as a frame for dentures, as it is light, malleable and not sensitive to hot or cold food.

Even though PEEK was invented more than 20 years ago, Victrex still has a large research team dedicated to finding new uses for it and adapting it to meet customers’ needs.

In many cases, the gap between initial idea and commercial sales lasts several years, during which time Victrex works with its customers to ensure the end results meet their needs.

Contrary to many companies therefore, Victrex, takes a long-term view. Last October, for example, the group, chaired by experienced director Anita Frew, announced it was investing £90 million in a new facility, which would enable it to make 2,900 tons more PEEK annually.

Currently, it can produce between 3,900 and 4,200 tons a year but customers require supplies of only about 3,000 tons. The extra investment is a big expression of confidence in the future, based on extensive conversations with customers and potential customers worldwide.

Victrex may be based in Lancashire but 98 per cent of its products are exported to the Continent, America and Asia.

The company expects to increase sales substantially to Asia and Latin America, as economic growth is stronger and the pace of innovation is faster.

Victrex is not immune to the economic environment so its profits plunged in 2009, recovered sharply the following year and held steady at just over £94 million in 2011 and 2012. Brokers expect a similar figure for the year to this September, with steady gains in 2014 and beyond. The dividend is forecast at 39p for 2013, rising to 42p next year.

Midas verdict: At 1549p, Victrex shares are not cheap but they offer real long-term value. The company is innovative, focused on growth and constantly finding new applications for its wonder plastic. Buy and hold.

dreamcatcher - 18 Feb 2013 16:23 - 3 of 86


dreamcatcher - 28 May 2013 09:34 - 4 of 86

Broker snap: Jefferies hails dividend at Victrex
By Benjamin Chiou

Tue 28 May 2013

Broker snap: Jefferies hails dividend at Victrex LONDON (SHARECAST) - Shares in polymer manufacturer Victrex surged on Tuesday morning after a forecast-beating first-half report, the standout of which was the increase in the dividend, according to Jefferies.

The company, which makes plastics for a variety of markets including transportation, electronics and medical devices, reported a 1.0% rise in revenue to £106.4m in the six months to March 31st on the back of a 1.0% improvement in volumes to 1,392 tonnes which was driven by strength in Europe.

Profit before tax fell slightly from £46.2m to £45.7m, but this was ahead of the consensus estimate of £44.8m and Jefferies' forecast of £44.5m. Earnings per share of 41.5p beat the consensus prediction of 40.8p (Jefferies: 30.1p), driven by a lower-than-expected tax rate.

The interim dividend meanwhile was lifted by 15% year-on-year to 10.35 per share, well ahead of forecasts for a 4-5% increase.

"All reassuring stuff that should enable the shares to go a bit better on the day," the broker said. That they did, with the stock registering gains of 4.84% to 1,706.75p by 09:20 on Tuesday.

However, Jefferies kept its 'hold' rating on the stock, saying that on its forecasts the shares trade at 19 and 18 times 2013 and 2014 earnings.

"Post the earlier pre-close update, these interims appear to only fill in the gaps rather than reveal anything materially new."

The broker maintained its 1,760p target for the share price.

dreamcatcher - 28 May 2013 18:33 - 5 of 86

Not in this, for those interested -

Victrex perfect demographic match

By Ceri Jones | Tue, 28/05/2013 - 10:30

Victrex (VCT), a leading supplier of durable, heat-resistant plastic called polyaryletherketones, or Peek, has announced group pre-tax profit down marginally to £45.7 million in the half-year to end-March (2012, £46.2 million).

A spin-off from ICI 20 years ago, Lancashire-based Victrex has been a dream growth story, producing products with which investors can identify. The group comprises two divisions - Victrex Polymer Solutions, which supplies Peek plastic to the transport, industrial and electronics industries as an alternative to metal, and which generates three quarters of the revenue; and Invibio Biomaterial Solutions, which supplies implant material for medical devices such as joint replacements and medical implants.

However, there are growing doubts about the pricing of these plastics - an increasing number of competitors have entered this burgeoning field, and the company has also been experiencing some shortfall in demand for its spinal implants.

The market is very different from 16-17 years ago, when chemical companies shunned this arena after a number of malpractice lawsuits involving joint implants. The Biomaterials Access Assurance Act of 1998, passed in an effort to protect implant material suppliers from civil lawsuits, encouraged renewed interest in the segment from other chemical companies.

Competition has really stepped up since 2007 when several competitors began to enter the market, such as European chemical giant Solvay. This has also led to criticism of the cost of the plastic, even accounting for the tight manufacturing controls and traceability required in the its production. Medical-grade Peek costs more than $1,000 (£663) per pound and bioresorbables even more, and a price war could be materialising.

However, Victrex still has a large research team dedicated to finding new uses for the material, which is lightweight and very strong, and could have many additional applications. It is suitable for making components such as valves, tubes and plugs for oil and gas mining, as exploration is increasingly taking place in hazardous locations on land and sea, and it has the potential to be used as a lighter replacement for conventional steel pipes. Its lightness and durability also makes it suitable for tiny components in mobile phones and for dentures, and many other applications that are equally well in tune with demographic trends such as ageing populations and increasing use of technology.

The company's strong cash flow has also driven the its expansion programme: a £90 million new facility, enabling it to make 2,900 tons more Peek annually.

Chairman Anita Frew said: "Whilst it is too early to predict the outcome for the year as a whole, in the second half to date, the improved sales volume from the second quarter has been sustained, speciality products continue to perform well and Invibio revenue has been in line with last year.

"The fundamental growth drivers in our key end markets are strong; our development pipeline of future opportunities is healthy and we continue to drive commercialisation of our key growth programmes. In addition, we are focusing on further opportunities to invest in new product offerings and downstream process capability to accelerate market penetration and meet the needs of our customers. We therefore remain confident in the growth potential for our business."

The management is also keen to maintain a progressive dividend policy, reflected in a 15% increase in the interim dividend.

Sales volumes and group revenue both rose 1% to 1,392 tonnes and £106.4 million respectively, while margins stayed steady at 67%. Earnings per share were up at 41.7p.

Victrex sends 98% of its produce to the US, Europe and Asia. Volume in Europe grew 8.0% ahead of last year, driven by growth in the non-implantable medical and transport markets, while volumes in the US fell 4.0% with weaker sales in the oil and gas sector, partially offset by the consumer electronics sector. Sales in Asia also fell 10% down on the previous year owing to a slowdown in sales into the semiconductor sector and sluggish demand generally in Japan.

The market liked the results, and pushed the shares up 71p to 1,699p by 9:41. Analysts have mixed views on the stock - those that rate it a buy include Jefferies Group with a target price of 1,759.73p, Deutsche with 1,825p, and Goldman Sachs with 1,850p.

dreamcatcher - 30 May 2013 09:22 - 6 of 86

Victrex: UBS ups target price from 1540p to 1590p, but still recommends selling.

dreamcatcher - 31 May 2013 18:24 - 7 of 86

Victrex: Numis ups target price from 1752p to 1775p, while its hold recommendation remains unchanged.

dreamcatcher - 08 Jun 2013 19:29 - 8 of 86

A hold in this weeks IC - Victrex boosts dividends.

Victrex has a strong balance sheet , generates plenty of cash and has an excellent growth record. However, assuming 12% earnings growth next year , the shares are now priced on a forward PE ratio of 18, which factors in the recovery.

dreamcatcher - 26 Jul 2013 22:05 - 9 of 86

Interim Management Statement
RNS Number : 0479K
Victrex PLC
25 July 2013

25 July 2013

Victrex plc - Interim Management Statement

'Trading in line with expectations'

Victrex plc ('Victrex'), an innovative world leader in high performance thermoplastic polymers, today releases its third quarter Interim Management Statement, covering the period from 1 April 2013 to date.

The Company continues to trade in line with market expectations, despite on-going uncertainty in the wider global economy. Group sales volume in the third quarter was 756 tonnes, in line with the previous financial year (Q3 2012: 754 tonnes). Trading in our Invibio Biomaterials business since the half year has been reassuring, with revenue in Q3 ahead of the same period last year.

Looking forward, initial order patterns in the fourth quarter across both of our business units continue to be in line with our expectations. There have been no significant changes in the financial position of the Company since it reported its interim results on 28 May 2013.

Victrex will host an Investor Day in London on 10 October 2013. Presentations by senior management will focus on strategy and the growth opportunities being developed throughout the Group.

Victrex will release its pre-close trading update on 8 October 2013, which will cover the period ending 30 September 2013.

26 July 2013 | 12:15pm - Numis lifts Victrex to add from hold, 1775p target unchanged -

dreamcatcher - 10 Dec 2013 17:07 - 10 of 86

Final Results


· Group volumes and revenue ahead

· Good underlying trading in VPS; Invibio stabilised

· Gross margins remain strong at 66.6%

· Continued investment in key growth programmes

· Full year dividend increased by 15% to 43.0p per share

grevis2 - 04 Feb 2014 12:00 - 11 of 86

Polymer solutions specialist Victrex said overall, first quarter performance was in line with expectations, followed by a much stronger January.

Group sales volume for Q1, covering the three month period 1 October to 31 December 2013, was 6% ahead of the same period last year, with 679 tonnes (Q1 2013: 640 tonnes).

The second quarter has started well, with January sales volume in excess of 330 tonnes and ahead of the softer comparative in the prior year. In Invibio, revenue for the first quarter and January was also ahead of the prior year.

Anita Frew, Chairman of Victrex, said: "We have made an encouraging start to 2014, with first quarter performance ahead of the prior year and continuing our momentum from the second half of 2013. Although it remains early in our new financial year and our expectations are unchanged, we remain encouraged by the potential across our business."

Victrex remains in a strong financial position, with a healthy balance sheet, good cash generation and no significant changes to our financial position since 30 September 2013.

dreamcatcher - 19 Mar 2014 18:54 - 12 of 86

Victrex PLC (VCT:LSE) set a new 52-week high during today's trading session when it reached 1,975. Over this period, the share price is up 14.82%.

dreamcatcher - 20 Mar 2014 16:48 - 13 of 86

Victrex: Citi increases target price from 1550p to 2100p upgrading to buy.

dreamcatcher - 01 Apr 2014 21:08 - 14 of 86

1 Apr Deutsche Bank 2,050.00 Buy

dreamcatcher - 04 Apr 2014 21:39 - 15 of 86

Shares - Investors may expect Victrex to reveal another quarter of strong sales growth at Tues 8 Apr first -half update.

dreamcatcher - 08 Apr 2014 07:27 - 16 of 86

Trading Statement


RNS Number : 2600E

Victrex PLC

08 April 2014

8 April 2014

Victrex plc - Half year trading update

'Continued growth momentum in the first half'

Victrex plc, an innovative world leader in high performance polymer solutions, today releases its half year trading update for the six month period to 31 March 2014.

Trading during the first half year continued the growth momentum we reported for Q1, with strong sales volume, principally reflecting a second quarter which was well ahead of our expectations. Group sales volume for the first half of 1584 tonnes was 14% ahead of the softer volume comparative in the prior year (H1 2013: 1392 tonnes) but with a slightly less favourable mix. First half performance in VPS reflects broad based growth across our strategic markets.

In Invibio, revenue for the first half year of £26.9m reflects the steady recovery in the Spine market and compared favourably to the prior year (H1 2013: £24.2m), which was characterised by destocking.

Looking forward, whilst first half growth was particularly strong, we remain very mindful of a much tougher year on year comparative for the second half, and of currency headwinds. Currency is now expected to have a more adverse impact during the current year and particularly into our next financial year. As Victrex enters the second half, and as our full year expectations remain underpinned, we will continue to focus on driving growth and creating value across our strategic markets.

Victrex will report its interim results on Tuesday 20 May 2014.

dreamcatcher - 20 May 2014 07:21 - 17 of 86

Half Yearly Report


· Continued growth momentum: H1 revenue 13% ahead and PBT 7% ahead

· Strong trading in VPS driven by core PEEK sales; Invibio returned to growth

· Speciality Products remain strong; double-digit sales growth

· Margins reflect cost of manufacture, mix and currency in H1

· Major capacity expansion now scheduled for commissioning in early 2015; supporting core growth and new business opportunities

· Good cash generation; interim dividend increased by 10%

dreamcatcher - 20 May 2014 18:32 - 18 of 86

20 May N+1 Singer 1,910.00 Hold

dreamcatcher - 22 May 2014 20:15 - 19 of 86

22 May Numis 1,987.00 Add

dreamcatcher - 30 Jul 2014 07:14 - 20 of 86

Interim Management Statement


RNS Number : 6728N

Victrex PLC

30 July 2014

30 July 2014

Victrex plc - Interim Management Statement

"Strong and broad based performance continues - trading in-line with expectations"

Victrex plc, an innovative world leader in high performance polymer solutions, today releases its Interim Management Statement for the period 1 April 2014 to date.

Victrex continued its strong and broad based performance during the period. Third quarter Group sales volume, covering the period 1 April to 30 June, of 911 tonnes was 21% ahead of the prior year (Q3 2013: 756 tonnes), which reflects continued momentum in our core Victrex Polymer Solutions (VPS) business, good growth in Speciality Products and some new business in the Consumer Electronics market. Year to date sales volume of 2,495 tonnes was up 16% on the prior year (Q3 2013 YTD: 2,147 tonnes). In our Invibio medical business, Q3 revenue was 3% ahead of the prior year period, which saw the start of recovery in the Spine market.

Our Consumer Electronics opportunity, as highlighted at our interim results, will come through at a slightly softer margin than typical VPS business. As shorter lifecycle business, it will also be hedged at less favourable currency rates than the rest of the Group. Consumer Electronics has, historically, been one of the shorter lifecycle portions of the Group's portfolio, compared to our other longer lifecycle, high margin and high volume opportunities which we are focusing on. This opportunity, together with the current growth trends across core VPS and Speciality Products, keeps us well placed to continue our growth momentum through the rest of the second half and into 2015, with fourth quarter trading to date remaining positive across our business.

Looking forward, Sterling has continued to strengthen since our interim results in May and remains a considerable headwind for our next financial year. Our new capacity investment continues to be on track for commissioning in early 2015, to underpin core growth and new business opportunities and, despite our high capital expenditure programme, the Group's cash position remains strong. There have been no significant changes to the Company's financial position since our interim results announcement.

With our growth momentum remaining strong and a robust outlook across our markets, we continue to trade in line with market expectations.

dreamcatcher - 30 Jul 2014 19:00 - 21 of 86

30 Jul N+1 Singer 1,640.00 Hold
30 Jul Deutsche Bank 2,050.00 Buy
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