As expected, Victrex's (VCT) performance in the six months to March was hampered by fewer consumer electronic product launches, the weak oil price and tough comparatives. But despite a trading update that maintained guidance and did not contain any massive shocks, investors responded to an 11 per cent drop in revenue by sending the shares in the polymer specialist down 3 per cent to 1,518p.
All eyes will now be on whether the second half is capable of delivering on Victrex's confident outlook statement. Management asserted that a raft of new smartphone launches should soon boost the group's prospects. This hope, coupled with continued strength in transport and medical operations, is expected to compensate for any shortfalls experienced in the smaller oil and gas exposed business.
