Member news - Record year for Victrex

Lancashire global polymer business Victrex this morning reported record revenues and profits in the year to 30 September following much-improved sales and exchange rate gains. The company also announced it is paying a special dividend of 50p a share.

Victrex, based in Thornton Cleveleys, reported a turnover of £198.5m for the year, up from £103.8m for the 12 months to 30 September 2009. Profit before tax jumped from £25m to £74.9m.

Chairman Anita Frew said: “The group's strong recovery has continued into the first two months of the current financial year. We expect gross margins to improve as a consequence of operational gearing and more favourable exchange rates. Overheads will also increase as we maintain our investment in future growth opportunities.”

Victrex said in recognition of its “strong performance” and “confidence in the strength and growth potential” it has recommended a final dividend of 18.6p per ordinary share making a total of 25p per ordinary share for the year. It will also pay a special dividend of 50p per ordinary share.

Frew added: “We are vigilant of the continuing uncertainty in the global economy and the potential impact on our customers and markets. Nonetheless, we have strong underlying growth drivers across our end user markets.

“In addition, cash generation is robust and with no debt, even after allowing for the special dividend, the balance sheet remains strong. We are, therefore, well placed to pursue opportunities as they arise and remain confident in our ability to continue to grow the business.”