Plastics supplier Victrex said its first-quarter revenue slumped, due to market headwinds, de-stocking and adverse currency movements.
Revenue for the three months through December fell 18%, amid a 22% drop in sales volumes.
The fall was predominately driven by weakness in the automotive and consumer electronic markets.
However, the company said January and February saw an improvement, with a notable pick-up in automotive sales.
'Although the first quarter is always the seasonally weakest quarter for Victrex, this quarter has been slightly weaker than anticipated,' chief executive Jakob Sigurdsson said.
'Pleasingly, January and February saw some initial improvement, although given our first-quarter performance, the first half is expected to be much weaker overall, compared to the prior year.'
'Our expectations for the second half are unchanged, with new projects and reduced headwinds supporting our assumptions.'
'With strong structural growth opportunities, a healthy new product pipeline and a highly cash generative business model, we continue to be well-placed for the medium and long term.'