Shares in Victrex fell by nearly 30 per cent on Monday after the supplier of high-performance plastic warned of a sharp contraction in sales in recent weeks.

The Lancashire-based chemicals company is a leading supplier of Peek polymer, which is increasingly used in place of metals and lower-grade plastics. Demand for the high-tensile, heat-resistant material has tumbled since November, Victrex said yesterday, prompting it to bring forward a planned trading update by a fortnight.