Victrex: Strong 3Q and solid July order book improve FY26 guide confidence

研报英文原文证据摘录

Victrex: Strong 3Q and solid July order book improve FY26 guide confidence

C A Z E N O V E Europe Equity Research

07 July 2026

Victrex Neutral

VCTX.L, VCT LN

Strong 3Q and solid July order book improve FY26 Price (06 Jul 26):582p

guide confidence Price Target (Dec-27):625p

Victrex (VCT) has issued a scheduled trading update for FY3Q26 (qtr ended Jun European Chemicals

AC2026). Revenue is up 18% YoY and 14% higher than JPMe, with volumes up 17% Chetan Udeshi, CFA

YoY (11% better than JPMe) and ASP up 1% YoY (3% better than JPMe, driven by (44-20) 7742-7034

product mix). Given the scale of the volume uplift, investors may question whether chetan.x.udeshi@jpmorgan.com

some demand was pulled forward via customer pre-buying, as seen across parts of the Angelina Glazova, CFA

chemicals sector at the height of the Middle East conflict. That said, the strongest (44-20) 7134-8379

growth was reported in Aerospace (c.7% of volumes) and Electronics (c.11% of angelina.glazova@jpmorgan.com

J.P. Morgan Securities plc

volumes), both up >20% YoY; Electronics strength was supported by semis (c.40%

of Electronics). These end markets are typically less exposed to pronounced Specialist Sales contact details:

restocking/destocking dynamics. Management also noted a solid July order book,

Sam Edmunds - Specialist Sales -

again supported by Aerospace.The combination of 3Q momentum and initial benefits European Industrials

from the cost improvement program (gross £10m savings targeted by FY27, with (44-20) 7742-8733

benefits expected to start in 4Q) should help ease concerns around the reiterated, 2H- sam.edmunds@jpmorgan.com

weighted FY26 adjusted PBT guidance of £42–44m (1H actual £19m, implying £23– Key Changes (FYE Sep)

25m in 2H). We therefore raise our FY26E adjusted PBT by 3% to £43m (c.