Manufacturer Victrex is to cut a tenth of its workforce after reporting a substantial loss for the past six months, causing its shares to fall on Monday.
The Lancashire-based firm, which employs around 1,100 people globally, confirmed the job reductions will primarily affect central operations, not customer-facing roles. These cuts are anticipated in the third quarter of 2026.
Victrex did not disclose the precise number of staff impacted. The London-listed company is pressing ahead with a profit improvement plan, which it stated 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.
It came as the company reported a pre-tax loss of £44 million for the six months to March, sliding from a £17.2 million profit a year earlier.
The significant loss was linked to a £60.6 million non-cash impairment on a Chinese manufacturing facility.
The Thornton-Cleveleys-based company said underlying pre-tax profits were down 18% to £19 million for the half-year.
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.”
