Victrex plc

VCT · Main Market · Chemicals · mcap £821m · 926.0p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 11 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £807.1m
Owner’s net cash: −£37.1m
Net cash / market cap: -5%
EV ex leases: £826.1m
Revenue: £293.9m
Operating profit: −£21.2m
Free cash flow after leases: £45.3m
FCF yield: 5.6%
Price / tangible book: 2.35×
ROCE: -5%
Net income (owners): −£19.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Guidance upgrade 09 Sep 26ahead of prior guidance3 figures since the last report

Underlying PBT upgraded to £45m-£47m from £42m-£44m; Kleiss Gears disposal completed.

Underlying PBT guidance FY26	£45m to £47m	£42m to £44m
Exceptional loss on Kleiss Gears disposal	approximately £3m
Annualised savings from Profit Improvement Plan expected FY27	at least £10m

As stated by the company, unaudited. Read it →

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 11 May 26 · read the results ↗

Source ↗

	£m	£m	£m
Revenue	147.1	145.9	292.7
Gains on foreign currency net hedging	1.0	2.2	3.7
Cost of sales	(86.8)	(83.8)	(163.8)
Gross profit	61.3	64.3	132.6
Sales, marketing and administrative expenses	(34.4)	(36.7)	(74.0)
Research and development expenses	(9.3)	(9.6)	(18.8)
Impairment of PPE and associated balances	(60.6)	-	-
Operating profit before exceptional items	20.0	24.0	48.4
Exceptional items	(63.0)	(6.0)	(8.6)
Operating (loss)/profit	(43.0)	18.0	39.8
Losses on equity investment	-	-	(4.0)
Financial income	0.1	0.3	0.4
Finance costs	(1.1)	(1.1)	(2.4)
Profit before tax and exceptional items	19.0	23.2	46.4
Exceptional items	(63.0)	(6.0)	(12.6)
(Loss)/profit before tax	(44.0)	17.2	33.8
Income tax expense	(4.0)	(3.6)	(8.9)
(Loss)/profit for the period	(48.0)	13.6	24.9
(Loss)/profit for the period attributable to
- Owners of the Company	(32.3)	15.2	27.8
- Non-controlling interests	(15.7)	(1.6)	(2.9)
(Loss)/earnings per share
Basic	(37.0p)	17.4p	32.0p
Diluted	(36.6p)	17.2p	31.8p
Dividends (pence per share)
Interim	13.42	13.42	13.42
Final	-	-	46.14
Total dividends (pence per share)	13.42	13.42	59.56

Source ↗

	Unaudited As at 31 March 2026 £m	Unaudited As at 31 March 2025 £m	Audited As at 30 September 2025 £m
Assets
Non-current assets
Property, plant and equipment	286.1	350.5	348.7
Intangible assets	16.9	16.7	16.4
Financial assets held at fair value through profit and loss	-	3.5	-
Financial assets held at amortised cost	1.1	1.0	1.0
Deferred tax assets	5.4	5.5	6.1
Retirement benefit asset	6.5	9.9	9.3
Total non-current assets	316.0	387.1	381.5
Current assets
Inventories	105.9	114.4	109.7
Current income tax assets	0.5	5.2	2.7
Trade and other receivables	49.9	47.5	46.5
Derivative financial instruments	1.3	2.9	2.3
Cash and cash equivalents	31.7	25.4	24.2
Total current assets	189.3	195.4	185.4
Total assets	505.3	582.5	566.9
Liabilities
Non-current liabilities
Deferred tax liabilities	(41.6)	(40.7)	(42.1)
Borrowings	(30.9)	(46.7)	(22.6)
Long term lease liabilities	(6.2)	(7.7)	(7.0)
Retirement benefit obligations	(2.3)	(2.3)	(2.4)
Total non-current liabilities	(81.0)	(97.4)	(74.1)
Current liabilities
Derivative financial instruments	(1.4)	(1.1)	(1.6)
Borrowings	(37.9)	(9.9)	(17.5)
Current income tax liabilities	(1.5)	(0.8)	(0.6)
Trade and other payables	(37.6)	(37.7)	(40.0)
Current lease liabilities	(2.1)	(1.8)	(1.9)
Total current liabilities	(80.5)	(51.3)	(61.6)
Total liabilities	(161.5)	(148.7)	(135.7)
Net assets	343.8	433.8	431.2
Equity
Share capital	0.9	0.9	0.9
Share premium	62.5	62.1	62.2
Translation reserve	(4.0)	(2.5)	(5.5)
Hedging reserve	(0.2)	1.1	0.5
Retained earnings	302.7	373.2	375.4
Equity attributable to owners of the Company	361.9	434.8	433.5
Non-controlling interest	(18.1)	(1.0)	(2.3)
Total equity	343.8	433.8	431.2

Source ↗

	Unaudited Six months ended 31 March 2026 £m	Unaudited Six months ended 31 March 2025 £m	Audited Year ended 30 September 2025 £m
Cash flows from operating activities
Cash generated from operations	28.7	34.6	75.9
Interest received	0.1	0.3	0.4
Interest paid	(0.3)	(0.3)	(0.8)
Net income tax received/(paid)	0.9	(3.5)	(4.4)
Net cash flow generated from operating activities	29.4	31.1	71.1
Cash flows used in from investing activities
Acquisition of property, plant and equipment and intangible assets	(7.4)	(8.6)	(21.8)
Net cash flow used in investing activities	(7.4)	(8.6)	(21.8)
Cash flows (used in)/generated from financing activities
Proceeds from issue of ordinary shares exercised under option	-	-	0.1
Repayment of lease liabilities	(1.2)	(1.1)	(2.2)
Bank borrowings received	52.8	21.7	25.5
Bank borrowings repaid	(25.6)	(6.4)	(25.3)
Interest paid on capital-related bank borrowings	(0.4)	(0.5)	(0.9)
Dividends paid	(40.2)	(40.1)	(51.8)
Net cash flow used in financing activities	(14.6)	(26.4)	(54.6)
Net increase/(decrease) in cash and cash equivalents	7.4	(3.9)	(5.3)
Effect of exchange rate fluctuations on cash held	0.1	-	0.2
Cash and cash equivalents at beginning of period	24.2	29.3	29.3
Cash and cash equivalents at end of period	31.7	25.4	24.2

Source ↗

	2025 £m	2024 £m
Revenue	292.7	291.0
Gains on foreign currency net hedging	3.7	5.2
Cost of sales	(163.8)	(161.9)
Gross profit	132.6	134.3
Sales, marketing and administrative expenses	(74.0)	(71.0)
Research and development expenses	(18.8)	(17.5)
Operating profit before exceptional items	48.4	60.3
Exceptional items	(8.6)	(14.5)
Operating profit	39.8	45.8
Financial income	0.4	0.7
Finance costs	(2.4)	(1.9)
Losses on equity investment	(4.0)	-
Result of associate	-	(21.2)
Profit before tax and exceptional items	46.4	59.1
Exceptional items	(12.6)	(35.7)
Profit before tax	33.8	23.4
Income tax expense	(8.9)	(7.6)
Profit for the financial year	24.9	15.8
Profit/(loss) for the year attributable to
Owners of the Company	27.8	17.2
Non-controlling interests	(2.9)	(1.4)
Earnings per share
Basic	32.0p	19.8p
Diluted	31.8p	19.7p
Dividends (pence per share)
Interim	13.42	13.42
Final	46.14	46.14
Total dividends (pence per share)	59.56	59.56

Source ↗

	2025 £m	2024 £m
Assets
Non-current assets
Property, plant and equipment	348.7	352.1
Intangible assets	16.4	17.1
Financial assets held at fair value through profit and loss	-	3.5
Financial assets held at amortised cost	1.0	1.0
Deferred tax assets	6.1	6.2
Retirement benefit asset	9.3	10.7
Total non-current assets	381.5	390.6
Current assets
Inventories	109.7	115.1
Current income tax assets	2.7	3.9
Trade and other receivables	46.5	45.8
Derivative financial instruments	2.3	7.3
Cash and cash equivalents	24.2	29.3
Total current assets	185.4	201.4
Total assets	566.9	592.0
Liabilities
Non-current liabilities
Deferred tax liabilities	(42.1)	(40.8)
Long term lease liabilities	(7.0)	(8.3)
Borrowings	(22.6)	(32.9)
Retirement benefit obligations	(2.4)	(2.5)
Total non-current liabilities	(74.1)	(84.5)
Current liabilities
Derivative financial instruments	(1.6)	(0.3)
Borrowings	(17.5)	(7.5)
Current income tax liabilities	(0.6)	(2.2)
Trade and other payables	(40.0)	(34.2)
Current lease liabilities	(1.9)	(1.7)
Total current liabilities	(61.6)	(45.9)
Total liabilities	(135.7)	(130.4)
Net assets	431.2	461.6
Equity
Share capital	0.9	0.9
Share premium	62.2	62.1
Translation reserve	(5.5)	(3.9)
Hedging reserve	0.5	3.9
Retained earnings	375.4	398.0
Equity attributable to owners of the Company	433.5	461.0
Non-controlling interest	(2.3)	0.6
Total equity	431.2	461.6

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Cash generated from operations	75.9	88.7
Interest received	0.4	0.7
Interest paid	(0.8)	(1.1)
Net income tax paid	(4.4)	(4.3)
Net cash flow generated from operating activities	71.1	84.0
Cash flows (used in)/generated from investing activities
Acquisition of property, plant and equipment and intangible assets	(21.8)	(32.6)
Withdrawal of cash invested for greater than three months	-	0 .1
Other loans granted	-	(0.7)
Loans to associated undertakings	-	(2.2)
Net cash flow used in investing activities	(21.8)	(35.4)
Cash flows generated from/(used in) financing activities
Proceeds from issue of ordinary shares exercised under option	0.1	0.2
Repayment of lease liabilities	(2.2)	(1.9)
Bank borrowings received	25.5	33.8
Bank borrowings repaid	(25.3)	(31.1)
Interest paid on capital-related bank borrowings	(0.9)	(1.1)
Dividends paid	(51.8)	(51.8)
Net cash flow used in financing activities	(54.6)	(51.9)
Net decrease in cash and cash equivalents	(5.3)	(3.3)
Effect of exchange rate fluctuations on cash held	0.2	(0.8)
Cash and cash equivalents at beginning of year	29.3	33.4
Cash and cash equivalents at end of year	24.2	29.3

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	293.9	292.7	291.0
Gross profit	129.6	132.6	134.3
Adjusted operating profit	44.4	48.4	60.3
Exceptional / adjusting items	(65.6)	(8.6)	(14.5)
Operating profit	(21.2)	39.8	45.8
Share-based payments	–	3.5	–
Operating profit to net income
Finance costs	(2.4)	(2.4)	(1.9)
Profit before tax	(27.4)	33.8	23.4
Tax	(9.3)	(8.9)	(7.6)
Net income (owners)	(19.7)	27.8	17.2
Per share
EPS basic	(22.4p)	32.0p	19.8p
EPS diluted	(22.0p)	31.8p	19.7p
Dividend per share	59.6p	59.6p	59.6p

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	147.1	+1%	146.8	145.9
Gross profit	61.3	−5%	68.3	64.3
Adjusted operating profit	20.0	−17%	24.4	24.0
Exceptional / adjusting items	(63.0)	n/m	(2.6)	(6.0)
Operating profit	(43.0)	n/m	21.8	18.0
Operating profit to net income
Finance costs	(1.1)	0%	(1.3)	(1.1)
Profit before tax	(44.0)	n/m	16.6	17.2
Tax	(4.0)	+11%	(5.3)	(3.6)
Net income (owners)	(32.3)	n/m	12.6	15.2
Per share
EPS basic	(37.0p)	–	14.6p	17.4p
EPS diluted	(36.6p)	–	14.6p	17.2p
Dividend per share	13.4p	–	46.1p	13.4p

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	69.4	71.1	84.0
Interest paid	(0.8)	(0.8)	(1.1)
Tax paid	0.0	(4.4)	(4.3)
Investing activities
Capex (PP&E)	–	(21.8)	(32.6)
Financing activities
Lease principal paid	(2.3)	(2.2)	(1.9)
Dividends paid	(51.9)	(51.8)	(51.8)
Shares issued	0.1	0.1	0.2

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	29.4	−5%	40.0	31.1
Interest paid	(0.3)	0%	(0.5)	(0.3)
Tax paid	0.9	n/m	(0.9)	(3.5)
Financing activities
Lease principal paid	(1.2)	+9%	(1.1)	(1.1)
Dividends paid	(40.2)	0%	(11.7)	(40.1)
Shares issued	0.0	n/m	0.1	0.0

	31 Mar 26	30 Sep 25	30 Sep 24
Non-current assets
Other intangibles	–	16.4	17.1
Property, plant & equipment	286.1	348.7	352.1
Non-current assets	316.0	381.5	390.6
Current assets
Inventories	105.9	109.7	115.1
Trade receivables	49.9	46.5	45.8
Cash	31.7	24.2	29.3
Current assets	189.3	185.4	201.4
Total assets	505.3	566.9	592.0
Current liabilities
Trade payables	37.6	40.0	34.2
Borrowings, current	37.9	17.5	7.5
Lease liabilities, current	2.1	1.9	1.7
Current liabilities	80.5	61.6	45.9
Non-current liabilities
Borrowings, non-current	30.9	22.6	32.9
Lease liabilities, non-current	6.2	7.0	8.3
Pension surplus / (deficit)	6.5	9.3	–
Non-current liabilities	81.0	74.1	84.5
Total liabilities	161.5	135.7	130.4
Equity
Non-controlling interests	(18.1)	(2.3)	0.6
Total equity	343.8	431.2	461.6
Net cash and other figures
Net cash / (debt) incl. leases	(45.4)	–	–

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Other intangibles	–	16.4	–	17.1
Property, plant & equipment	286.1	348.7	350.5	352.1
Non-current assets	316.0	381.5	387.1	390.6
Current assets
Inventories	105.9	109.7	114.4	115.1
Trade receivables	49.9	46.5	47.5	45.8
Cash	31.7	24.2	25.4	29.3
Current assets	189.3	185.4	195.4	201.4
Total assets	505.3	566.9	582.5	592.0
Current liabilities
Trade payables	37.6	40.0	37.7	34.2
Borrowings, current	37.9	17.5	9.9	7.5
Lease liabilities, current	2.1	1.9	1.8	1.7
Current liabilities	80.5	61.6	51.3	45.9
Non-current liabilities
Borrowings, non-current	30.9	22.6	46.7	32.9
Lease liabilities, non-current	6.2	7.0	7.7	8.3
Pension surplus / (deficit)	6.5	9.3	9.9	–
Non-current liabilities	81.0	74.1	97.4	84.5
Total liabilities	161.5	135.7	148.7	130.4
Equity
Non-controlling interests	(18.1)	(2.3)	(1.0)	0.6
Total equity	343.8	431.2	433.8	461.6
Net cash and other figures
Net cash / (debt) incl. leases	(45.4)	–	(40.7)	–

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