With a strong history of investing in research and development (R&D) and of patenting our Intellectual Property (IP), Victrex's strategy of moving downstream from Polymer to Parts, and further differentiating our business through product leadership, will continue to be supported by our approach to R&D investment, to innovation and IP protection.
Starting in the current financial year ending 30th September 2017, we anticipate the annualised impact of Patent Box to reduce the Group's effective tax rate from approximately 21% to around 12%, with an ongoing favourable impact on earnings per share (EPS) and cash, although no cash benefit would be seen in FY17.
At a trading level, Victrex continues to be comfortable with current expectations.