FTSE 250 movers: Victrex slides; miners shine

(Sharecast News) - FTSE 250 (MCX) 23,136.29 0.14%

High-performance polymers business Victrex reported a softer start to the year on Friday, with first‑quarter revenues and volumes declining as strength in its energy and industrials unit was offset by weaker trading in its transport, VARs and medical division.

Average selling prices were 2% lower at £73 per kilogram in the three months ended 31 December, with Victrex noting the early part of the year reflected a subdued December and a sales mix that weighed modestly on performance. Q1 volumes fell 4% to 858 tonnes, while revenues slipped 6% to £62.4m.

Year‑to‑date, covering the four months to 31 January, Victrex said volumes were broadly in line with last year as January recovered some of the Q1 shortfall, though revenues remained slightly lower due to mix effects.

Victrex also reiterated that FY26 would be second‑half weighted, with its first half performance expected to lag the prior year given the softer end to Q1 and a currency headwind concentrated in H1.

In its sustainable solutions unit, energy and industrial continued to perform well on healthy activity levels. However, VARs saw a slow start to Q1 but momentum improved into Q2, leaving year‑to‑date volumes ahead of last year, while medical revenues remained slightly below the prior year, though January delivered the usual seasonal uplift.

Net debt stood at £21.1m at 31 December, with cash of £28m, ahead of the roughly £40m FY25 final‑dividend payment due later this month.

Chief executive Dr James Routh said: "The start of FY26 reflected usual Q1 seasonality, alongside a subdued performance across some end-markets. On a year to date basis, our second quarter started solidly, with YTD volumes now in line with the prior year. Whilst we continue to be mindful of wider macroeconomic conditions, our full year guidance remains unchanged. As previously communicated, performance will be weighted to the second half. The first half is expected to be weaker than the prior year."

Software stocks were still in the doldrums as fears persisted about the level of investment in artificial intelligence by big tech companies. Bytes Technology, Softcat, Kainos and Computacenter were all lower.

Gold miners shone as the price of the yellow metal rose, with Hochschild, Pan African Resources and Endeavour all up.

FTSE 250 - Risers

Ceres Power Holdings (CWR) 310.00p 9.00% HGCapital Trust (HGT) 419.50p 3.97% Pan African Resources (PAF) 137.00p 3.16% Hochschild Mining (HOC) 652.00p 2.52% Princes Group (PRN) 443.25p 2.49% JPMorgan Japanese Inv Trust (JFJ) 761.00p 2.28% Hill and Smith (HILS) 2,285.00p 2.24% Balfour Beatty (BBY) 743.00p 2.20% Domino's Pizza Group (DOM) 190.70p 2.14% Ashmore Group (ASHM) 252.60p 2.10%

FTSE 250 - Fallers

Victrex plc (VCT) 669.00p -3.88% B&M European Value Retail S.A. (DI) (BME) 169.15p -3.84% Bytes Technology Group (BYIT) 298.20p -3.12% Softcat (SCT) 1,175.00p -2.97% Oxford Nanopore Technologies (ONT) 142.10p -2.80% Kainos Group (KNOS) 754.00p -2.33% THG (THG) 35.46p -2.21% Computacenter (CCC) 3,006.00p -2.15% Future (FUTR) 473.80p -2.03% Foresight Group Holdings Limited NPV (FSG) 406.50p -1.93%