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Destocking hits Victrex
High-tech plastics firm Victrex reported a fall in its half-year profit as destocking by customers in the first quarter hurt sales. Victrex, whose key polymer product is used in aircraft components, car parts and surgical instruments, also hiked its interim dividend by 13 per cent to 9p per share. For the first half, Victrex said pre-tax profit fell four per cent to £46.2m. Revenue dropped two per cent to £105.6m.