Earnings DowngradeVictrex's interims are below JEFe, and contain a c15% implied downgrade to FY25F cons/JEFe PBT, despite good momentum in volumes continuing into the 2Q and upgraded volume guidance for the year.
Medical RecoveryThe lack of Medical recovery is exacerbating the drag on the company.
Profitability ChallengesThere continues to be very few signs of a Medical recovery, and when this mix headwind is combined with FX & China ramp-up costs, profitability continues to be challenging.