Interim pre-tax profits at speciality chemicals company Victrex were boosted by the weak pound as they rose 26% to £63.3m, although tailwinds were expected to "significantly reduce" in the second half and a headwind was forecast for 2019.
(WebFG News) - Polymers manufacturer Victrex has had a good run, but as far as analysts at Berenberg were concerned, it was time to downgrade the firm to 'hold' as it was now fully valued.
(WebFG News) - BAE Systems: Berenberg upgrades to buy with a target price of 700p.
Victrex's growth is likely to accelerate over the next eight years as new applications for its PEEK polymer become more popular, Credit Suisse analysts said in a note to clients.
Analysts at Credit Suisse retained their 'buy' recommendation for shares of Victrex on Wednesday, telling clients that it estimates the plastics manufacturers' technology pipeline could deliver high single-digit top-line growth to 2025 and forecast a 5% FCF and total dividend yield.
Analysts at Numis downgraded their recommendation on shares of polymer manufacturer Victrex from 'add' to 'hold' on Monday, saying that although the company's business model remained "highly cash generative", an impending FX headwind was set to limit the upside in its share price.
Plastics manufacturer Victrex reported a very strong start to the year, with industrial sales led by consumer electronics to offset slightly weaker performance from medical customers.
Victrex said it had kept up its momentum after the maker of polymer products reported full-year results at the top of market expectations.
Credit Suisse lifted its earnings per share estimates and target price on Victrex stock after the company announced a reduction in its tax rate.
Paddy Power Betfair: Morgan Stanley downgrades to Equal Weight with a target price of 7500p.
Victrex said on Monday that the group's effective tax rate under Patent Box - which enables companies to apply a lower rate of corporation tax to profits earned after 1 April 2013 to its patented inventions - is expected to drop.
High-performance polymer solutions company Victrex has performed "well" since the end of the first half, it said on Tuesday, with cash generation continuing to be strong.
United Utilities: Deutsche Bank downgrades to Hold with a target price of 1050p.
High-performance polymer company Victrex posted its interim results for the six months to 31 March on Monday, with group sales volumes rising 5% year-on-year to 1,859 tonnes.
Victrex has announced that David Hummel plans to retire as chief executive at the end of March 2018 after 24 years at the company.
Polymer maker Victrex has bought Zyex, a manufacturer of polyetheretherketone (PEEK) based fibres for the aerospace, automotive and industrial markets, for £10m in order to explore 3D printing capabilities.
High-performance polymer company Victrex released its first quarter interim management statement on Wednesday morning, ahead of its annual general meeting being held later in the day.
Victrex reported a drop in profit and revenue for the year to the end of September as it took a hit from a weaker first-half and lower overall consumer electronics volumes, but the company said it remains comfortable with current market expectations for 2017.
While its larger sibling fell into the red after soaring to record levels, the FTSE 250 was still in positive territory on Tuesday afternoon, as positive earnings reports provided good cheer.
Plastics group Victrex enjoyed an improved second half, but full year sales still shrank due to consumer electronics weakness that is expected to persist.