Victrex (www.victrex.com), the polymer manufacturer based in Thornton-Cleveleys, Lancashire, reports that revenues have grown by more than a tenth for the six months ending 31 March, as the strength of its core business offset lower volumes in consumer electronics.

The company recorded group revenues of £130.9 million, an increase of 12% year on year. Total sales volumes grew by 5% to 1,859 tonnes over the same period. Pre-tax profits increased by 5% to £50.1 million.

CEO David Hummel said: “Victrex delivered a positive performance across most of its markets in the first half, with the strength of our core business offsetting much lower year-on-year volumes in consumer electronics.

Automotive, consumer electronics and value-added re-sellers performed particularly well; medical, as anticipated, remains muted, reflecting the maturity of the US spine market.”

He added: “While we delivered a strong first-half performance and the group continues to be highly cash-generative, we note that there is potential for variability in the scale of consumer-electronics volumes during the second half, with visibility remaining low.

Consequently, although our positive growth momentum has continued into the second half and helps to underpin 2017, our overall expectations are unchanged. We are focused on driving growth, on cost efficiency and making progress in delivering our polymer and parts strategy.”