Debt LevelsNet debt is also much higher than expected (FY24F: £4.5m), and this is not anticipated to be taken well.
Demand RecoveryThere is little evidence of any tangible recovery in demand for Victrex, and there is no indication of when the Medical destocking cycle will turn.
Volume PerformanceThe group achieved volumes of 1,737 tonnes, down 11% year over year, with 2Q24 volumes flat year over year and up 31% on 1Q24.