Lancashire-based polymer manufacturer Victrex is set to cut a tenth of its workforce after plunging to a substantial loss over the past six months. The company confirmed it is pressing ahead with a profit improvement plan to bolster its finances, which is currently "progressing well."
Job Cuts and Financial Impact
Approximately 10% of roles will be eliminated in the third quarter of 2026, predominantly affecting central operations rather than customer-facing positions. Victrex declined to specify the precise number of employees affected, though its most recent annual report indicates it employs roughly 1,100 staff worldwide. The firm stated that redundancy costs will form part of up to £10 million in exceptional charges expected to be incurred during the current financial year.
Half-Year Results
The announcement coincided with the company reporting a pre-tax loss of £44 million for the six months to March, a stark reversal from a £17.2 million profit recorded in the same period a year earlier. The considerable loss was attributed to a £60.6 million non-cash impairment on a Chinese manufacturing facility. The Thornton-Cleveleys-based business revealed that underlying pre-tax profits fell 18% to £19 million for the half-year period.
CEO Statement
James Routh, chief executive officer of Victrex, said: "During my first four months leading Victrex I have been greatly impressed by our strong, differentiated products and solutions, and well invested assets. However, despite the passion and innovation amongst our people, we have not adapted quickly enough to changed market conditions and we must now relentlessly focus on improving our execution. The rapid action we have taken to address these issues, through implementing the profit improvement plan and establishing a high-performance leadership team, will help to drive our next phase of sustainable growth."
