Victrex pumps up the volume

Growth is largely being driven by demand for consumer electronics such as smartphones and tablet devices, where second-half volumes grew 30 per cent on the first six months. Supplying lightweight parts for the Boeing 787 and fuel-efficient cars steered transport volumes higher, too, helping generate record revenue at the core polymer solutions (VPS) division and operating profit of £68.5m - another best. Volumes in Europe improved through the year but, at 1,457 tonnes, were still down 8 per cent.

Activity was far better in the US, where new consumer electronics business and high demand for Victrex's ultra-resistant PEEK polymer amongst oil and gas explorers boosted volumes a fifth to 926 tonnes. Strip out Japan and Asia grew in double digits, too. Demand should continue to pick up and Victrex, which commercialised 550 new products last year, is building a new plant and technology centres to cope. Ongoing destocking in the US capped sales growth at medical devices unit Invibio and higher spending clipped profits there by 4 per cent to £29.2m.

JPMorgan Cazenove expects pre-tax profit of £96.5m in 2013, giving EPS of 88.31p (from 85.74p in 2012).