Victrex (VCT) has elected not to award shareholders an extra payout following two years of special dividends after the polymer specialist’s net cash position failed to surpass its £85m target threshold. The group’s stock build in anticipation of Brexit, and a £15m two-year investment in ‘debottlenecking’ with the aim of boosting capacity, pushed the group’s operating cash conversion down to 87 per cent from a prior year level of 107 per cent.
IC TIP:
Hold
at
2,328p