AN INNOVATIVE

WORLD LEADER IN HIGH PERFORMANCE POLYMER SOLUTIONS

We bring transformational & sustainable solutions which address world material challenges every day

VICTREX PLC

PRELIMINARY RESULTS

6 DECEMBER 2021

EXECUTIVE

DIRECTORS

Jakob Sigurdsson

Chief Executive Officer

Richard Armitage

Chief Financial Officer

Martin Court

Chief Commercial

Officer

A SOLID &

SUSTAINABLE RECOVERY

SAFELY

NAVIGATING

COVID-19

CHALLENGES

Health, safety and well-being of our employees the highest priority

Strong customer service levels, >90% On Time In Full (OTIF)

Global Return to Site in most regions (backed by Flexible Working)

Embedded a Zero Accident, Zero Incident culture

(recordable injury frequency rate down 45%)

HIGHLIGHTS

A solid & sustainable recovery

  • SOLID & SUSTAINABLE RECOVERY; FY VOLUMES +25%
    • FY sales volume up 25%, driven by improving end-markets
    • Double-digitYoY growth in Electronics, Energy & Industrial, VAR
    • Improvement in Automotive with volumes +18% despite Semiconductor challenges
    • Medical revenue up 3% as elective surgeries gradually return
    • 9% increase in new application targets
  • PBT UP 21%; STRONG VOLUME GROWTH & COST MANAGEMENT
    • Underlying PBT up 21% at £91.7m; reported PBT up 46% at £92.5m
    • GM stable at 54.0% despite weaker mix, FX and inventory unwind

FURTHER ENHANCED ESG STRATEGY

• FURTHER PROGRESS IN 'MEGA-PROGRAMME' GROWTH PIPELINE

  • Signatory to Science Based Target initiative (SBTi), reflecting 2030 net zero goal (Scope 1 & 2)
  • New ESG criteria added to Executive remuneration
  • Strong validation of PEEK technology through sale of Magma interest to TechnipFMC; opportunities in traditional & new energy including hydrogen transportation
  • Good progress in PEEK Knee clinical trial; 10 patients now implanted
  • Meaningful revenue of c£1m in PEEK Gears
  • Further progress in E-mobility, with 50% increase in development agreements
  • Good progress in Trauma joint developments
  • STRONG CASH GENERATION UNDERPINNING INVESTMENT & RETURNS
    • FY 2021 available cash £99.9m** underpinning c£40m capex; FY 2022 investment focused on China
    • Operating cash conversion1 100%
    • Civil construction progressing on plan for new PEEK facility in China; commissioning in 2022

1 Alternative performance measures are defined in the Appendix on slide 37

-

Post-Brexit inventory unwind benefiting cashflow; total inventory down £28m to £70m

**Available cash of £99.9m

excludes £12.5m of cash ring-fenced in the Group's Chinese

-

Dividends returned to pre-COVID-19 levels & special dividend of 50p/share

5

subsidiaries and

includes £37.5m in 95-day notice deposit accounts

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Victrex plc published this content on 06 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2021 08:11:09 UTC.