Victrex cuts 10% of jobs and warns on annual profit
Victrex will cut 10% of its workforce and warns that annual profit will miss estimates due to rising costs. It expects to save 10 million pounds annually.
Victrex PLC will cut 10% of its workforce and lowered its annual profit guidance due to rising costs linked to Middle East instability. The United Kingdom-based polymer maker expects fiscal 2026 underlying pre-tax profit between £42 million and £44 million, trailing analyst estimates of £46.6 million. Rising energy and raw material costs pose a forward risk to profitability.
The Middle East conflict had no material impact on the business in the first half, with energy hedging and supplier contracts expected to provide protection through the rest of the year. However, Victrex is now factoring expected energy and raw material cost inflation into customer pricing discussions.
