Victrex

Smallcap chemicals and advanced materials group Victrex, sole manufacturer of PEEKa polymer, volted 13p higher to 251.5p, despite rolling out some rather sorry looking numbers for the year to September. Pre-tax profits were pulled 15% lower to £19m on a tumbling turnover, down 18% to £59.1m. The Lancashire-based group blamed 'challenging' market conditions. Volumes amounted to 1,205 tonnes compared to 1,603 in 2001m, with sales volumes weak in the first quarter of the year, picking up in the second quarter, a level sustained throughout the second half. Encouragingly, chairman Peter Warry lifted the total dividend 4.5% to 7p, and said there was an uplift in demand in the first two months of the current year. 'Despite challenging global economic conditions, Victrex has demonstrated the resilience of its business and made further significant progress in developing new applications and business areas' said Warry. An uninspiring year nevertheless. Avoid for now.

Sector: Chemicals

Companies: Victrex

Market cap: £200m

PE Forecast: 13.8

Share price: 251.5p

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