Jobs axe set to fall at Victrex

Fylde coast based polymer manufacturer Victrex is set to axe around 50 of its UK workers with most of the job losses at its Thornton-Cleveleys plant.

The company has revealed plans to cut a tenth of its 1,100-strong global workforce after plunging to a substantial loss over the past six months amid rising competition from China, high UK energy costs and economic uncertainty.

The announcement came as the company reported a pre-tax loss of £44m for the six months to March, compared to a £17.2m profit for the same period a year earlier.

The loss was attributed to a £61m non-cash impairment linked to its manufacturing facility in China.

The company also reported that stronger sales volumes had been offset by pricing pressure, product mix and currency movements.

A company spokesperson said: “We are in a consultation process so we cannot give exact numbers whilst that is progressing, but of the overall numbers of employees we expect to leave the business, just over half will be in the UK, most of those at our main site in Lancashire."

With around 1,100 employees globally around 10 per cent equates to some 100 roles in total. It is understood that  two-thirds of the group's workforce are in the UK - with around 80 per cent Thornton-Cleveleys based. 

Victrex is based at the Hillhouses Technology Enterprise Zone on the former ICI site. It says the roles at risk are mainly in support or central functions rather than sales and manufacturing.

Victrex is a world leader in PEEK polymers, with its products going into smartphones, planes, cars and medical devices.

Whilst most of its manufacturing is done in the UK, 98 per cent of sales are outside the UK and Victrex has been impacted by increased competition from China, economic uncertainty, high energy costs in the UK and other business costs.

A spokesperson said: “It is essential for us to adapt, including adjusting our cost base to remain competitive – taking these actions now will help us create a more sustainable future for Victrex.”

Shares in the London-listed company fell seven per cent following the reporting of its half-year figures.

 According to reports The China impairment comes after prolonged operational problems since the operation opened in late 2024.

The business is a member of Lancashire Business View’s Big 20 – our ranking of the county’s biggest companies by sales and profit.

In 2020 it announced plans to cut its Lancashire workforce by 79, a move described by union leaders as a “hammer blow” to manufacturing in the North West.