Final Results

Victrex PLC
4 December 2001

                                                             4th December 2001

                                    Victrex plc

         Results announcement for the year ended 30th September 2001

-     Sales volume up 21% to 1,603 tonnes (2000: 1,321 tonnes)

-     EBITDA up 30% to £26.4m (2000: £20.3m)

-     Profit before tax up 40% to £22.3m (2000: £15.9m)

-     Earnings per share up 33% to 20.3p (2000: 15.3p)

-     Final dividend of 4.7p making a total of 6.7p for the year, an increase
      of 10% (2000: 6.1p)

Chairman Peter Warry commented:

'I am pleased to report another year of progress for Victrex with record sales
and profits.

As noted in our year end trading update, September sales were impacted by the
weakening global economy. This has continued into the early part of the new
financial year and, in the current environment, it remains difficult to
predict the outcome for the current year.  However, we do expect to produce
further gross margin improvement for the year as a whole and remain confident
in the underlying strength and resilience of our business.'

Enquiries

Victrex plc

David Hummel, Chief Executive             0207 357 9477 (4th December 2001)
Michael Peacock, Finance Director       01253 897700   (thereafter)

Hogarth Partnership Limited

Nick Denton / Tom Leatherbarrow       0207 357 9477



                                   Victrex plc

     Preliminary results statement for the year ended 30th September 2001


I am pleased to report another year of progress for Victrex with record sales
and profits.

Results

Turnover for the year was £72.1m, an increase of 23% over last year. Gross
profit was £36.0m (2000: £27.7m) representing 49.9% of turnover (2000: 47.1%).
This margin improvement was principally due to the financial benefits of the
BDF joint venture covering the production and supply of the key raw material
from which PEEKTM is manufactured.

Sales, marketing and administrative expenses increased to £13.3m (2000: £
10.4m) due to further investment in product research, development and
marketing, together with increased staff bonuses.  Exchange rates compared
with the previous year have had a favourable impact of £0.5m on profit largely
due to a stronger Dollar, partially offset by a weaker Euro.

Earnings before interest, tax, depreciation and amortisation amounted to £
26.4m (2000: £20.3m) representing 36.7% of turnover (2000: 34.5%).

Net interest costs decreased to £0.5m (2000: £1.4m) resulting in net interest
cover of 42 times. Profit before tax was £22.3m (2000: £15.9m), up 40%. After
an increase in the effective tax rate to 28.0% (2000: 24.5%), basic earnings
per share were up 33% to 20.3p (2000: 15.3p).

Cash flow

Working capital increased by £1.4m. Trade debtors were higher principally due
to fourth quarter sales volume being greater than last year.  However, this
was partially offset by reduced stock levels (arising from a supply
constraint) and increased creditors (due to additional raw material
purchases).  Cash flow from operating activities amounted to £27.8m (2000: £
28.9m).

Capital expenditure payments increased to £4.8m (2000: £2.2m) as a result of
the supply chain capacity uprate. Taxation paid was £5.8m (2000: £3.2m) due to
increased profits and an increase in the effective tax rate.

At the year end, we were ungeared with net cash of £1.0m (2000: net debt £
11.1m). The Group has committed bank facilities of £40m which expire in
December 2004, all of which were undrawn at the year end.

Dividend

In recognition of this performance, the Directors have recommended a final
dividend of 4.7p per ordinary share, making a total of 6.7p per ordinary share
for the year, an increase of 10% over last year. This represents dividend
cover of 3 times.

Operational review

Total sales volume was 21% ahead of the previous year at 1,603 tonnes (2000:
1,321 tonnes) with growth across all of our major market segments.  Of our
principal markets, transport grew by 22% to 543 tonnes, industrial by 29% to
504 tonnes and electronics by 17% to 364 tonnes.

We experienced strong growth in the first half with sales volume of 900 tonnes
(2000: 628 tonnes).  Second half sales volume amounted to 703 tonnes (2000:
693 tonnes).  For most of the second half sales were restricted by a supply
constraint which has now been resolved.  However, following the removal of the
constraint in September, sales did not return to first half levels as demand
was impacted by the weakening global economy.

European volume (765 tonnes) saw continued growth with a 19% increase over the
previous year spread across all segments.  In addition to further growth in
automotive, our largest European business segment, we experienced a
significant increase in industrial business.

United States volume (667 tonnes) was 25% up on last year.  This growth was
principally due to increased sales in the industrial and automotive segments.
Electronics showed a very strong performance in the first half but, as
expected, there were significantly reduced demand levels in the second half.

The Asia-Pacific region (171 tonnes) built on the step change in business
activity in 2000 with further growth of 21%. This was largely due to increased
demand in the industrial and automotive segments.  As in the USA, electronics
demand was strong in the first half but weakened in the second half.

In our last annual report we stated that PEEKTM plant capacity was 2,000
tonnes per annum while the BDF supply chain required some minor capital
projects and processing improvements to support this.  In March we accelerated
these expansion plans to address the temporary supply constraint caused by the
rapid sales growth rate achieved in the first half.

As a result we have uprated the entire supply chain to enable production to
support 2,300 tonnes per annum of PEEKTM sales.  We have now commenced a
further capacity uprate to support 2,800 tonnes per annum of PEEKTM sales by
October 2003.  We estimate that the total cost to Victrex of this further
uprate will be approximately £13m. This additional investment will be
accommodated within existing borrowing facilities.

Business development

The future growth of the business depends on our ability to introduce and
develop new product applications and find new opportunities to broaden our
market potential.

This year we have focussed both on building our development pipeline through
the introduction of new potential applications and ensuring that we optimise
the throughput of the pipeline.  The pipeline currently stands at a record
high and contains 1,039 developments (2000: 722) with an estimated mature
annualised volume ('MAV') of 1,982 tonnes (2000: 1,840 tonnes) assuming all of
the developments are commercialised.  During the year we commercialised 154
new applications (2000: 193) with an MAV of 175 tonnes (2000: 189 tonnes).

InvibioTM, our medical implant materials business based on our biocompatible
product, PEEK-OPTIMA(R), continues to make good progress with seventeen long
term supply agreements in place with device manufacturers compared with four
agreements last year.  The majority of our current agreements cover material
for use in spinal applications, but we are also supplying PEEK-OPTIMA(R) for
use in the dental, cardiovascular and orthopaedic areas.

Our research and development efforts have also directly led to the formation
of the Victrex/Ballard Ionomer Alliance to develop and manufacture two
separate ionomers (proton conductive polymers) for use in membranes for
Ballard(R) fuel cells.  Victrex and Ballard will develop the manufacturing
processes for Ballard's proprietary ionomer and collaborate on the development
of Victrex's proprietary ionomer. The initial development period will last up
to four years.  Upon the successful completion of the development phase,
Victrex will operate pilot facilities to manufacture these ionomers for use in
Ballard(R) fuel cells.

Outlook

As noted in our year end trading update, September sales were impacted by the
weakening global economy. This has continued into the early part of the new
financial year and, in the current environment, it remains difficult to
predict the outcome for the current year.  However, we do expect to produce
further gross margin improvement for the year as a whole and remain confident
in the underlying strength and resilience of our business.

Peter Warry
Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT


                                                                  2001     2000
For the year ended 30 September                      Note         £000     £000
Turnover: Group and share of Japanese joint venture             78,252   63,238
Less: share of Japanese joint venture                          (6,172)  (4,502)
Turnover                                                2       72,080   58,736
Cost of sales                                                 (36,104) (31,072)
Gross profit                                                    35,976   27,664
Sales, marketing and administrative expenses                  (13,301) (10,424)
Group operating profit                                          22,675   17,240
Share of operating profit in Japanese joint venture                211      125
Total operating profit                                          22,886   17,365
Interest receivable                                                141      159
Interest payable                                                 (686)  (1,606)
Profit on ordinary activities before taxation                   22,341   15,918
Taxation on profit on ordinary activities                      (6,255)  (3,900)
Profit on ordinary activities after taxation                    16,086   12,018
Equity dividends paid and proposed                      8      (5,294)  (4,778)
Retained profit for the financial year                          10,792    7,240


The Company                                                      4,661    5,028
Group undertakings and joint ventures                            6,131    2,212
                                                                10,792    7,240

Earnings per ordinary share - Basic                     3        20.3p    15.3p
                                            -           3        20.1p    15.2p
Diluted


The Group's turnover and operating profit arise from continuing operations in
both the current and preceding year.

There were no material differences between reported profits and historical
cost profits on ordinary activities before taxation in either of the above
financial years.

CONSOLIDATED BALANCE SHEET


                                                                  2001     2000
As at 30 September                                                £000     £000
Fixed assets
Intangible assets                                               10,493   11,765
Tangible assets                                                 33,261   30,652
Investments                                                        749      140
Investment in Japanese joint       share of gross assets         1,668    1,624
venture:
                                   share of gross liabilities  (1,972)  (1,939)
                                                                44,199   42,242
Current assets
Stocks                                                           7,893   10,839
Debtors                                                         10,825    7,141
Cash at bank and in hand                                         1,038    1,376
                                                                19,756   19,356
Creditors: amounts falling due within one year                (16,511) (14,021)
Net current assets                                               3,245    5,335
Total assets less current liabilities                           47,444   47,577
Creditors: amounts falling due after more than one year              - (12,333)
Net assets                                                      47,444   35,244


Capital and reserves
Called up share capital                                            795      786
Share premium account                                           11,605   10,243
Profit and loss account                                         35,044   24,215
Equity shareholders' funds                                      47,444   35,244




CONSOLIDATED CASH FLOW STATEMENT


                                                                  2001     2000
For the year ended 30 September                          Note     £000     £000
Net cash inflow from operating activities                   4   27,819   28,875
Return on investments and servicing of finance
Interest received                                                  141      159
Interest paid                                                  (1,005)  (1,180)
Finance costs                                                        -    (197)
Net cash outflow from returns on investment and                  (864)  (1,218)
servicing of finance
Taxation - Taxation paid                                       (5,848)  (3,167)
Net cash outflow from capital expenditure - Purchase of        (4,750)  (2,178)
tangible fixed assets
Acquisition
Purchase of business                                        5        - (19,900)
Associated acquisition costs                                         -  (1,119)
Net cash outflow from acquisition                                    - (21,019)
Equity dividends paid                                          (4,957)  (4,422)
Cash inflow/(outflow) before financing                          11,400  (3,129)
Financing
Issue of ordinary shares exercised under option                      9        1
Share purchase                                                   (609)        -
Premium on issue of ordinary shares under option                 1,362       96
Debt due after more than one year - (decrease)/increase       (12,500)    5,100
in long term borrowing
Net cash (outflow)/inflow from financing                      (11,738)    5,197
(Decrease)/increase in cash in the year                     6    (338)   2,068


CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                                    2001   2000
For the year ended 30 September                                     £000   £000
Profit for the financial year                                     16,086 12,018
Exchange gain/(loss) on consolidation                                 37  (145)
Total recognised gains and losses relating to the financial year  16,123 11,873


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                                                2001       2000
For the year ended 30 September                                 £000       £000
Profit for the financial year                                 16,086     12,018
Equity dividends paid or proposed                            (5,294)    (4,778)
Retained profit for the financial year                        10,792      7,240
Exchange gain/(loss) on consolidation                             37      (145)
Issue of ordinary shares exercised under option                    9          1
Premium on issue of ordinary shares under option               1,362         96
Share issue costs                                                  -        (8)
Net movement in shareholders' funds                           12,200      7,184
Opening shareholders' funds                                   35,244     28,060
Closing shareholders' funds                                   47,444     35,244


NOTES TO THE ACCOUNTS

1                     Basis of preparation

The financial statements have been prepared on the basis of the accounting
policies set out in the Group's last Annual Report and Accounts.

2                     Analysis of turnover

An analysis of turnover by origin and customer location is as follows:

                                                           2001            2000
                                                           £000            £000
Europe                                                   31,107          26,722
United States of America                                 31,830          24,977
Asia-Pacific                                              9,143           7,037
                                                         72,080          58,736

3                     Earnings per share

                                                        2001               2000

Basic                                                  20.3p              15.3p
Diluted                                                20.1p              15.2p


Earnings per ordinary share is based on the Group's profit on ordinary
activities after taxation of £16,086,000 (2000: £12,018,000).

The weighted average number of shares used in the calculation is :  
 Basic 79,156,557 (2000: 78,543,923)
 Diluted 79,887,608 (2000: 79,131,054)

4     Reconciliation of operating profit to net cash inflow from operating
activities


                                                                   2001    2000
                                                                   £000    £000
Operating profit                                                 22,886  17,365
Depreciation and amortisation charge                              3,542   2,908
Earnings before interest, taxation, depreciation and             26,428  20,273
amortisation
Decrease in stocks                                                2,946   5,386
Increase in debtors                                             (3,684)   (441)
Increase in creditors                                             2,210   3,912
Japanese joint venture profit in stock elimination                   86      23
Share of operating profit in Japanese joint venture               (211)   (125)
Effect of foreign exchange rate changes                              44   (153)
Net cash inflow from operating activities                        27,819  28,875

5     Purchase of business

On 23 December 1999 the DFDPM business of Laporte plc was acquired.

                                                                           2000

Net assets acquired                                                        £000

Tangible fixed assets                                                     6,000
Knowhow                                                                   6,100
Stock                                                                     2,300
                                                                         14,400
Goodwill                                                                  5,500
Consideration                                                            19,900


This acquisition was funded by additional borrowings.  No fair value
adjustments were made in relation to the acquired assets.

6     Reconciliation of net cash flow to movement in net debt

                                                               2001       2000

                                                               £000       £000

(Decrease)/increase in cash in year                           (338)      2,068
Cash outflow/(inflow) from increase/(decrease) in debt       12,500    (5,100)
Movement in net cash/(debt) in the year                      12,162    (3,032)
Net debt at beginning of year                              (11,124)    (8,092)
Net cash/(debt) at end of year                                1,038   (11,124)

7     Exchange rates

The Sterling exchange rates used in the accounts under the Group's accounting
policies are :

                              Average exchange rate       Closing exchange rate
                          2001                 2000          2001          2000
US Dollar                 1.53                 1.61          1.48          1.63
Deutschemark              3.16                 2.95          3.15          3.07
Yen                        155                  171           152           156

8     Dividend and Annual General Meeting

The proposed final dividend will be paid on 26 February 2002 to ordinary
shareholders on the share register at the close of business on 1 February
2002.  The Annual General Meeting of the Company will be held on 12 February
2002 at The Thistle Tower Hotel, London, E1W 1LD.

9     Financial Statements

The above financial information does not comprise full financial statements
within the meaning of the Companies Act 1985.  The results for the years ended
30 September 2001 and 2000 have been extracted from the full accounts of those
periods.  The auditors have given an unqualified report on the accounts for
both years.  The accounts for the year ended 30 September 2000 have been
delivered to the Registrar of Companies.  The accounts for the year ended 30
September 2001 are to be posted to shareholders on 14 December 2001 and will
be available from the Company's registered office at Victrex Technology
Centre, Hillhouse International, Thornton Cleveleys, Lancashire, FY5 4QD.