A PLASTICS company has hailed its “robust” standing after aerospace and automotive work eased electronics woes.

Victrex, formed from an ICI management buyout, says it remains in a good position to grow despite a decline in revenues.

The business, which has a plant at Seal Sands, near Billingham, added it has also benefited from welcome stability in the oil and gas 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.

According to its latest results, the company benefited from a stronger second half of its financial year, with final quarter group revenues up eight per cent on a year ago at £73.7m.

Sales volumes were also higher at 1,216 tonnes.

Bosses said the increases meant the impact of falling consumer electronics demand on full-year revenues were somewhat mitigated, with 12-month sales to September 30 down four per cent at £252.3m.

Emphasising the point, Andrew Hummel, chief executive, said electronics volumes were more than 30 per cent down in the period.

However, he said its aerospace and automotive divisions were providing a lift.

He added: “We delivered an improved performance in the second half and a good finish to 2016.

“The core business was in growth, with aerospace and automotive performing well, and a more stable performance in oil and gas during the second half.

“Sales volumes for the large consumer electronics business were on plan in the fourth quarter, with overall second half volumes more than double those in the first half.

“Our core business remains robust though we remain mindful consumer electronics volumes will be significantly lower in 2017.

“(However), with a strong pipeline and highly cash generative model, we remain in a good position to drive value for the medium to longer term.”

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