Victrex update disappoints markets

Shares in FTSE 250 polymer specialist Victrex (LON:VCT) dropped by 6.52% to 1,856.45p (as of 13:15 BST) following an update for the quarter ended 30th June. Sales volumes for the period were down by 12% and revenues fell by 18% due to changes in product mix. These declines came more towards the tail end of the quarter with the aerospace, automotive, and energy end markets seeing the biggest slumps.

The company is not providing full-year guidance as COVID continues to cause trading difficulties but the company expects weaker demand and under-absorption of its fixed costs to remain issues during the final quarter of its current financial year.