Victrex plc (LON:VCT) is an innovative world leader in high performance polymer solutions, focused on the strategic markets of Automotive, Aerospace, Energy & Industrial, Electronics and Medical. Today’s trading update covers the first quarter (Q1) of FY 2026, from 1 October 2025 to 31 December 2025.
Q1 performance summary
o Q1 (3 months ended 31 December 2025) volumes reduced by 4%, reflecting growth in Energy & Industrial offset by a more subdued performance in Transport, Value Added Resellers (VARs) and Medical
o Average selling price (ASP) was broadly in line with the prior year
| Quarter ended 31 December 2025 (Q1) | ||||
| Q1 2026 | Q1 2025 | % change | ||
| Sales volume (tonnes) | 858 | 898 | -4% | |
| Revenue (£m) | 62.4 | 66.6 | -6% | |
| ASP (£/kg) | 73 | 74 | -2% | |
Year to date (‘YTD’) performance
· YTD (4 months ended 31 January 2026) volumes in line with prior year, with January recovering some of the shortfall from a weaker December
· YTD revenues slightly lower than prior year, primarily reflecting sales mix
· As previously communicated, FY 2026 performance is expected to be weighted to the second half
· Performance in H1 2026 is expected to be weaker than H1 2025, reflecting the weaker end to Q1 and the currency headwind being weighted to the first half
Divisional and end-market performance
In our Sustainable Solutions business, Energy & Industrial continues to perform well as activity levels remain healthy within this end market. Whilst VARs saw a slower start in Q1, momentum improved at the start of Q2. YTD volumes in VARs are now ahead of the prior year.
Medical revenues remain slightly below the prior year on a YTD basis, with January seeing the normal seasonal improvement over Q1.
Financial position
Net debt at 31 December was £21.1m, with cash of £28m. This is prior to payment of the FY 2025 final dividend (46.14p/share), totalling approximately £40m, later this month. Total dividends per share for FY 2025 were 59.56p.
Profit Improvement Plan
Actions are progressing at pace to deliver our Profit Improvement Plan which is focused on three pillars: Portfolio simplification, operating efficiency and overhead costs. We are targeting annualised cost savings of at least £10m to be realised in FY 2027, with some initial benefits during the latter part of H2 2026. We will provide an update on progress at our interim results.
Outlook: full-year guidance unchanged
Dr James Routh, Chief Executive Officer of Victrex, said:
“The start of FY 2026 reflected usual Q1 seasonality, alongside a subdued performance across some end-markets. On a year to date basis, our second quarter started solidly, with YTD volumes now in line with the prior year. Whilst we continue to be mindful of wider macroeconomic conditions, our full year guidance remains unchanged. As previously communicated, performance will be weighted to the second half. The first half is expected to be weaker than the prior year.
“At this early stage of my tenure, I have been impressed with our innovation know-how, our breadth of growth opportunities and the passion of our talented people to rapidly adapt and improve our financial performance. FY 2026 will be a transitional year, with our Profit Improvement Plan helping us become a more efficient, growth focused and performance oriented company. By further differentiating our business and creating a more agile and customer-focused organisation, we will unlock Victrex’s potential and better position the company for sustainable growth over the medium to longer term.”
Annual General Meeting
Victrex’s Annual General Meeting will be held today, starting at 11.00am GMT and taking place at JP Morgan, 1 John Carpenter Street, London EC4Y 0JP, United Kingdom.
