Victrex : posts drop in annual profit, warns on high levels of unsold stock

Polymer maker Victrex Plc on Thursday reported an 18% fall in profit due to fewer automotive and consumer electronics contracts and warned on high levels of unsold goods nextyear as it prepares for Brexit and overhauls production at its facilities.

Profit before tax for the 12 months ended Sep. 30 was 104.7 million pounds , compared to 127.5 million pounds a year ago.

The company also said it would be cutting down bottlenecks at its Hillhouse polymer manufacturing facilities and record a charge of 8-10 million pounds in fiscal 2020.

(Reporting by Pushkala Aripaka; Editing by Bernard Orr)