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Victrex (VCT) investor relations material
Victrex H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary2 Dec, 2025
Executive summary
FY 2025 saw 12% volume growth but only a 1% revenue increase, with strong cash conversion and profit before tax down 21% due to currency headwinds, weaker medical spine, and China start-up costs.
A profit improvement plan targeting at least £10m in savings was announced, leveraging infrastructure and digital investments, with full-year benefits expected in FY27.
Cash conversion remained robust at 121%, aided by inventory reduction and lower CapEx.
Updated capital allocation policy maintains dividends and targets net debt/EBITDA in the 0.5x–1.0x range.
Financial highlights
Sales volume reached 4,164 tonnes, up 12% year-over-year, with revenue up 1% to £292.7m (3% in constant currency).
Underlying PBT was £46.4m (down 21%), with FX impact of £8m and China start-up loss of £8m.
Gross margin declined 90bps to 45.3% (47.7% ex-China plant impact).
Free cash flow was £49.3m, with operating cash conversion at 121%.
Dividend per share maintained at 59.56p.
Outlook and guidance
FY 2026 targets low to mid-single digit volume growth, stable ASP, and gross margin in the 45.5%–46.5% range.
Medical spine remains weak, but non-spine and sustainable solutions are expected to grow.
Profit improvement plan to deliver most benefits in FY 2027, with some early gains in H2 2026.
Guidance anticipates second-half weighting due to seasonality and currency headwinds in H1.
Capex to remain at the lower end of 8–10% of revenue, with further working capital opportunities.
How will China plant utilization improve?
Quantify non-spine medical gross profit contribution.
Project sales pipeline's earnings impact.
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Frequently asked questions
Victrex plc is a UK-based company that specializes in the manufacture and sale of high-performance polymer solutions, primarily polyetheretherketone (PEEK) and polyaryletherketone (PAEK). These materials are used across a range of industries, including automotive, aerospace, electronics, energy, and medical devices, due to their strength, lightweight properties, and resistance to extreme conditions. Victrex operates through two main business segments: Sustainable Solutions and Medical, providing both raw polymers and finished components. The company is headquartered in Thornton-Cleveleys, United Kingdom, and its shares are listed on the London Stock Exchange.
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