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Victrex (VCT) investor relations material
Victrex Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
CEO transition: Jakob Sigurdsson to retire, James Ralph appointed as successor, bringing sector experience and a growth track record.
Q3 sales volume up 8% year-over-year, led by Sustainable Solutions, while Medical revenues, especially Spine, remained soft.
Revenue declined 3% year-over-year in Q3 due to adverse mix and lower ASP, despite volume growth.
Business remains differentiated with innovation focus and well-invested assets in the UK, medical, and China, positioning for improved profitability.
Cost discipline remains strong, with capex and inventory reduction on track.
Financial highlights
Q3 sales volume: 1,057 tons (+8% year-over-year); nine months: 3,075 tons (+13% year-over-year).
Q3 revenue: £71.5m (down 3% year-over-year); nine months: £217.3m (up 2% year-over-year).
Q3 ASP: £68/kg (down 11% year-over-year); nine-month ASP: £71/kg (down 10% year-over-year).
Net debt at 30 June 2025: £42.8m (Q3 2024: £39.6m), including £19.7m cash.
Currency headwind for FY25 at £9m adverse impact at PBT level.
Outlook and guidance
Full-year volume growth expected at least high single digits, in line with guidance.
H2 underlying PBT targeted to be slightly improved on H1, but similar result likely if Q3 trends persist.
Q4 faces tougher comparison; ongoing macroeconomic uncertainty and £9m currency headwind for FY25.
Currency for FY26 tracking at £3-4m adverse to FY25; hedging covers over 50% of US dollar and Euro exposure for FY26.
Macroeconomic uncertainty and adverse sales mix remain key considerations for the remainder of FY25.
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