December 4, 2018 / 7:53 AM / 7 days ago

UPDATE 1-Victrex to stockpile goods ahead of Brexit

(Adds details from statement, background)

Dec 4 (Reuters) - Polymer maker Victrex Plc said on Tuesday it stocked up extra raw materials and secured more warehousing for finished goods in Europe and China, the latest UK company to do so to mitigate potential disruptions due to Brexit.

The latest measures allow a minimum of eight weeks of finished goods stock to be held outside Britain by the end of March 2019, Victrex said.

Group inventories could exceed 80 million pounds through FY 2019 as a consequence, compared with 69.3 million pounds in FY 2018, it said.

The company posted a 15 percent rise in full-year profit before tax at 127.5 million pounds ($162.4 million), but warned that if inventory levels depleted for a certain period, it may not be able to import certain raw materials or export finished goods through customs, curtailing sales.

Revenue for the full year ended Sept. 30 rose 12 percent to 326 million pounds. Ninety-eight percent of Victrex’s revenue comes from outside Britain.

Victrex also said it had set up an executive committee to monitor Brexit developments and direct mitigating actions.

Victrex’s polymers are used in the manufacture of parts for automotive, aerospace, energy, electronics and medical industries and it supplies across 40 countries. ($1 = 0.7852 pounds) (Reporting by Sangameswaran S in Bengaluru; Editing by Gopakumar Warrier)

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