(Alliance News) - Victrex PLC on Friday said revenue was up in the first quarter, despite a decline in sales volume during its seasonally weakest quarter.

The Lancashire, England-based speciality chemicals firm on Friday said revenue in the first quarter to December 31 was GBP78.8 million, increasing 5.6% from GBP74.6 million a year ago.

The company said its average selling prices were above expectations at GBP83 per kilogram, up 14% due to price increase momentum and surcharge pricing.

Victrex added that group sales volume in the first quarter dropped to 948 tonnes, down 7.5% from 1,025 tonnes the year prior.

The company said its performance in the first quarter reflected reduced activity in multiple industrial end markets, especially in Europe. Despite growth in aerospace and automotive during the first quarter, Victrex said this was offset by the weakness of electronics and energy & industrial.

Medical saw first quarter revenue significantly ahead of a year ago, the company noted.

The company said it is supporting TechnipFMC for the scale-up of a new facility in Brazil for its Magma mega-programme, ahead of the bid outcome expected in the coming months.

Chief Executive Officer Jakob Sigurdsson said: "Expectations for the full year are unchanged at this early stage. We are encouraged by modest revenue growth, a better sales mix and improved selling prices. We also continue to make good progress in recovering energy and raw material inflation.

"However, the group saw softer volumes during Q1 and the macro-economic environment remains uncertain, with ongoing weakness in several end-markets. In line with Victrex's historic performance, we remain well positioned for when end-markets improve."

Victrex shares were down 2.3% trading at 1,834.73 pence per share on Friday morning in London.

By Harvey Dorset, Alliance News reporter

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