# Victrex reports H1 2026 revenue growth amid profit decline - Link: https://www.directorstalkinterviews.com/victrex-reports-h1-2026-revenue-growth-amid-profit-decline/4121251037 - Published: 2026-05-11T07:55:18+01:00 - Author: Amilia Stone **Victrex plc** (LON:VCT), an innovative world leader in high performance polymers, delivering sustainable products which enable environmental and societal benefit across Aerospace, Automotive, Electronics, Energy & Industrial and Medical, has announced ots interim results (unaudited) for the 6 months ended 31 March 2026. | ** ** | **H1 2026** | H1 2025 | % change (reported) | % change(constant currency^(1)) | | Group sales volume | **2,137 tonnes** | 2,018 tonnes | +6% | N/A | | Group revenue | **£147.1m** | £145.9m | +1% | +2% | | Gross profit | **£61.3m** | £64.3m | -5% | -2% | | Gross margin (GM) | **41.7%** | 44.1% | -240bps | N/A | | Underlying profit before tax (PBT)^(1) | **£19.0m** | £23.2m | -18% | -14% | | Reported (loss)/profit before tax | **(£44.0)m** | £17.2m | -356% | -398% | | Underlying EPS^(1) | **17.2p** | 22.6p | -24% | N/A | | Basic (loss) per share/EPS | **(37.0p)** | 17.4p | -313% | N/A | | Dividend per share | **13.42p** | 13.42p | flat | N/A | | Net debt | **£45.4m** | £40.7m | +12% | N/A | **H1 2026 PERFORMANCE** | ·     | **Revenue up 1% driven by volume growth of 6%, offset by sales mix, pricing and currency** | | ** ** | **–** | _H1 Group revenue up 1% at £147.1m, with Group sales volumes of 2,137 tonnes (H1 2025: 2,018 tonnes) driven by Sustainable Solutions; strong Q2 2026 with Group revenue up 7%_ | | ** ** | **–** | _Average selling price (ASP) stable vs H2 2025 and down 4% on prior year at £69/kg (H1 2025: £72/kg)_** ** | | ·     | **Underlying PBT down 18% at £19.0m reflecting sales mix, price and currency** | | ** ** | **–** | _H1 2026 underlying PBT down 18% at £19.0m (H1 2025: £23.2m) 14% down in constant currency_ | | ** ** | **–** | _Underlying operating cash conversion^(1) of 109% (H1 2025: 128%)_ | | ** ** | **–** | _Interim dividend maintained at 13.42p/share_** ** | | ·     | **Reported loss of £44m after £63m of exceptional items** | | ** ** | **–** | _£60.6m non-cash impairment of China manufacturing facility; however, the Group remains committed to this facility in our fastest growing region_** ** | | ·     | **Profit Improvement Plan progressing well; early benefits in H2 2026 and £10m full year savings in FY 2027 ** | | ** ** | **–** | _Headcount being reduced by c10%, primarily in central functions_ | | ** ** | **–** | _New operating model, with refreshed high performance leadership team established_ | | ** ** | **–** | _Portfolio simplification progressing, targeting a more balanced mix of short and long term programmes; potential additional non-cash charge in H2 2026 of up to £10m_** ** | | ·     | **Net debt/underlying EBITDA**^(1) **0.65x (H1 2025: 0.51x)** | | ·     | **Strategy update at Capital Markets Day in September 2026: ‘Unlocking Victrex’s potential’** | | ** ** | **–** | _Fixing the Foundations_ | | ** ** | **–** | _Driving improved execution_ | | ** ** | **–** | _Focus on addressable market and new application opportunities for_ _VICTREX__^(TM)_ _PEEK_ | | ** ** | **–** | _Introduction to refreshed leadership team_ | | ** ** | **–** | _Roadmap to driving significant improvement in profitability over the medium term_ | > **Dr James Routh, Chief Executive Officer of Victrex, commented:** > _“After a slow start in Q1, we regained momentum in our second quarter, led by > our Sustainable Solutions division. Whilst volume growth was 6% in H1 2026, underlying > PBT of £19.0m was lower, as previously guided, driven by sales mix, pricing and > currency._ > _During my first four months leading Victrex I have been greatly impressed by > our strong, differentiated products and solutions, and well invested assets. However, > despite the passion and innovation amongst our people, we have not adapted quickly > enough to changed market conditions and we must now relentlessly focus on improving > our execution.  The rapid action we have taken to address these issues, through > implementing the Profit Improvement Plan and establishing a high-performance leadership > team, will help to drive our next phase of sustainable growth._ > _Our Profit Improvement Plan is on track for some early benefits at the end of > FY 2026, with full year savings of at least £10m in FY 2027. We are simplifying > our business, including reducing around 10% of roles, primarily in central functions. > Whilst this will support us in the short-term, making Victrex a simpler, more > differentiated and more customer focused business is essential to return us to > sustainable profit growth._ > _Our value proposition remains robust and we will host a Capital Markets Day in > September 2026 to set out how we are addressing our challenges including improving > execution, as well as our medium term ambitions._ > _Overall, our growth opportunities remain strong across a broad range of end markets > and geographies. With a clear and differentiated value proposition, unmatched > expertise in PEEK and world class applications know-how, we are focused on driving > significant improvement in profitability over the medium term.”_ **FY 2026 OUTLOOK:** “The Group has made a solid start to the second half, though we are mindful of the potential implications for global demand and energy costs given the ongoing events in the Middle East. On a full year basis, the Board expects FY 2026 underlying PBT to be in the range of £42m-£44m.” **Notes:** ^(1) Alternative performance measures are defined in note 14. A presentation for analysts and investors will be held at 09.00am (UK time) this morning at [JP Morgan](https://www.directorstalkinterviews.com/company/news/funds), 1 John Carpenter Street, London, EC4Y 0JP. A copy of the presentation can be downloaded from our corporate website at www.victrexplc.com under the Investors / Results & Presentations tab from 08:00am (UK time) this morning. A dial in facility will be available, which can be accessed by registering on the following link: [Victrex Interim results Registration Page!](https://registrations.events/direct/LON306445) Share on: