Victrex (LSE:VCT) announced underlying pre-tax profit for the year ending 30 September is now expected to reach between £45m and £47m, ahead of prior guidance of £42m to £44m.
The global high-performance polymer solutions group pointed to sustained momentum since its 7 July third-quarter update, with year-on-year growth across aerospace, value-added resellers and electronics, and particularly strong growth in Asia Pacific.
A previously announced 10% headcount reduction has now been completed, with initial benefits emerging in the fourth quarter and contributing to at least £10m of annualised savings expected from the group's wider Profit Improvement Plan in FY2027.
"We now expect full year underlying PBT for FY 2026 to be ahead of our prior guidance", said chief executive Dr James Routh.
Victrex completed the divestment of its US-based Kleiss Gears business to The Heico Companies' Industrial Technologies Group on 7 August, recording an exceptional loss on disposal of approximately £3m in the FY2026 results. The company said Kleiss, having served its purpose in seeding the PEEK gears market, no longer fits its focus on core operations.
Chris Gilbert joined as interim chief financial officer on 1 September, bringing prior experience at Elementis and Deloitte LLP; the appointment will not extend to the board.
Victrex is due to hold a Capital Markets Event later this month.
News Intelligence what this means for the company
Victrex raised full-year underlying pre-tax profit guidance to £45m–£47m from £42m–£44m, a 1–7% upward revision anchored to Q4 momentum across aerospace, electronics and Asia Pacific. The 10% headcount reduction is now complete, with initial benefits visible in Q4 and at least £10m in annualised savings expected by FY2027; the company also divested Kleiss Gears (recording a ~£3m exceptional loss) to sharpen focus on core PEEK operations.
The raise signals execution confidence after a weak Q3 guidance hold in July, though the upside is modest (midpoint £46m vs. prior £43m, or ~7%) and contingent on Q4 delivery. Cost savings are expected to be fully realised in fiscal year 2027, meaning near-term margin accretion is limited; the Capital Markets Event later this month will be critical to validate whether the momentum is sustainable or Q4 benefited from timing.
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