Victrex, the Lancashire-based manufacturer, has announced it will cut approximately 10% of its global workforce after plunging to a pre-tax loss of £44 million for the six months to March. The company employs around 1,100 people worldwide, with the job reductions primarily affecting central operations rather than customer-facing roles. The cuts are expected to take place in the third quarter of 2026.
The London-listed firm reported a pre-tax loss of £44 million, compared to a profit of £17.2 million in the same period last year. The loss was driven by a £60.6 million non-cash impairment on a manufacturing facility in China. Underlying pre-tax profits fell 18% to £19 million.
Victrex is pressing ahead with a profit improvement plan, which it says is 'progressing well' to bolster its finances. Severance costs are expected to contribute to exceptional charges of up to £10 million for the current financial year.
James Routh, chief executive officer, 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.'
