A PLASTICS company formed from an ICI management buyout “remains comfortable with expectations” after a steady start to the year, bosses have revealed.
Victrex, which has a plant at Seal Sands, near Billingham, says demand across the automotive, aerospace and energy sectors is fuelling its progress.
Bosses at the business said such clamour pushed sales volumes, minus consumer electronics, 25 per cent higher than a year ago in the first quarter, though the performance was offset by issues in its medical division.
But David Hummel, chief executive, said the firm remains content, with quarter one revenues of £55.7m coming in close to last year’s figure of 56m.
He said: “At this early stage of the year and with our core business in growth, a continued focus on cost efficiency and a favourable currency environment, we remain comfortable with expectations for 2017.”
Mr Hummel added Victrex has founded a joint venture to increase its presence in the aerospace sector.
The firm, spawned from a 1993 buyout, is recognised for its plastics, known as polymers.
Used in aeroplanes to increase fuel economy by making parts lighter, they are also used in mobile phone mouthpieces, offshore energy seals and piping systems, and spinal, dental and trauma treatment.
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