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Victrex PLC revenues bounce back, but inflation a worry

The first human knee implants using Victrex’s high-tech plastic have been inserted

() said demand for its high tech plastic PEEK has surged back as the global economy comes out of lockdown though inflation might be a problem next year.

In the three months to end June, revenues jumped 37% to £80.7mln with volumes 49% ahead of the previous year.

Year-to-date, sales volumes are up 18% with revenues 10% ahead at £232mln.

Jakob Sigurdsson, CEO, added: “Reflecting the volume strength on a year to date basis, we now see the potential for some upside to current full-year expectations, with our internal assumptions being closer to the upper end of market expectations.

“At this early stage looking towards FY 2022, many of our end markets are continuing to show good progress, although we note the growing impact from foreign currency headwinds next year, increasing raw material inflation, an anticipated uplift in innovation spend to support our long-term growth pipeline and some costs associated with commissioning our China manufacturing facility.

“These effects will weigh on our 2022 prospects, although we remain focused on growth.”

Trading continues to be strongest in electronics, other industrial and reseller end markets, Victrex said with automotive and energy picking up and aerospace still subdued. Medical continues to see a gradual improvement as elective surgery recovers.

On that note, Victrex added that the first human knee implants using its high-tech plastic have been inserted with no problems reported in the trial so far.

The knee implant is one of Victrex’s mega-programmes and five patients have now received a PEEK knee replacement, all of whom have now reached six weeks with no issues reported said the statement.

Some 35 patients will take part in the clinical trials to demonstrate the safety of the implant with a two-year follow-up period for each person.

Read More: Victrex PLC revenues bounce back, but inflation a worry

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