A PLASTICS firm spawned from an ICI management buyout says its versatility has helped shrug off the impact of the stuttering oil and gas sector.

Victrex, which operates a factory at Seal Sands, near Billingham, has hailed its prowess in the aerospace, automotive and electronics sectors.

Bosses say such strengths have provided a key buffer to the energy industry’s struggles.

The firm, formed after a management buyout from ICI in 1993, is recognised for its plastics, known as polymers.

Used in aeroplanes to increase fuel economy by making parts, such as brackets and thermal acoustic blankets, lighter, they also help improve durability in vehicle braking systems and are used to make the mouthpieces of mobile phones.

Offshore energy operators also rely on its materials for components, such as seals and piping systems.

David Hummel, chief executive, said such diversity has given the company an edge, with full-year group revenues up four per cent £263.5m compared to 12 months ago.

He added full-year group sales of 4,217 tonnes were 19 per cent better off than 2014.

He said: “The value of our balanced portfolio helped drive growth and fully overcome difficulties, including weaker sales in oil and gas.

“Sales volumes reflect our overall momentum, with growth across aerospace, automotive and strong consumer electronics volumes offsetting oil and gas.

“While we are mindful of the continuing weakness in oil and gas, we are placed to continue creating value.”

Victrex employs more than 700 people worldwide, with its products relied upon by companies in 40 countries.