PEEK specialist Victrex (Thornton Cleveleys, UK; www.victrexplc.com) posted an 11% rise in 2022 sales at GBP 341 mn (EUR 389 mn) on strong performance in most of its industrial end markets and further improvement in Medical. Sales volume of 4,727 t was 8% up year-on-year.

While reported pre-tax profit was down due to one-off items relating to the new enterprise resource planning (ERP) software system, the underlying figure gained 4% at GBP 95.6 mn, impacted by the higher energy and raw material prices. Despite significantly higher cost of manufacture, gross profit advanced 6% to GBP 174.5 mn. Gross profit, however, was affected by a lag in inflation recovery and currency.

At the end of 2022, the company started commissioning a new PEEK manufacturing facility in China. The facility is expected to deliver commercial products towards the end of FY 2023, eventually having 1,500 t/y of PEEK and PAEK capacity. Victrex Yingkou Xingfu PEEK in Panjin (Liaoning Province) received the lion's share of the total investment of GBP 45.5 mn.

Victrex said it has seen a steady start to the year and is focused on modest revenue and profit growth. This includes the benefit from pricing, an improved sales mix and currency tailwinds.