A characteristically strong full-year performance from Victrex (VCT) was somewhat overshadowed by news that growth objectives will take precedence over the payment of special dividends. Under the new capital allocation scheme, management plans to use half of future net cash for a special dividend of at least 50p per share - but subject to the group's investment needs.
Trading in the year to September was solid rather than spectacular. Strip out the impact of a weak euro and group revenue rose 8 per cent to £264m as volumes soared 19 per cent. Most of those gains were delivered in electronics, where Victrex's high-performance PEEK polymer solutions gained traction by transforming the latest smartphones and gadgets into thinner, more heat-absorbent devices. Transport sales volumes also increased substantially, driven by growing requirements in the automotive and aerospace sectors for lighter, resistant materials.