Even with the FTSE 250 charging ahead by over 11% in the last 12 months, there are still plenty of high-yield income stocks for investors to capitalise on today. And among these stands Victrex (LSE:VCT) with its impressive 8.86% payout.

That’s more than triple what large-cap index investors are earning right now. And with a £5,000 lump sum, investors can snap up around 720 shares, unlocking a £428.83 passive income in the process. So is this a good idea?

Why’s the yield so high?

High dividend yields are typically created due to one of two reasons. Either the company has massively increased shareholder payouts and the market hasn’t noticed (very rare), or something’s wrong. In the case of Victrex, it’s the latter.

While dividends have continued to flow, a series of operational challenges has seen Victrex shares take a near-30% tumble since February last year, pushing the yield up in the process.

Most notably, it’s been the botched launch of its highly-anticipated China manufacturing plant that’s put investors on edge. Early production quickly encountered unforeseen headwinds, resulting in management cutting volume guidance for 2025 from an original range of 100-200 tonnes of polymer volume down to just 50 tonnes.

This much slower than expected ramp-up put pressure on profit margins that were already being squeezed by inventory destocking headwinds, particularly from its higher-margin healthcare customers. And with institutional analysts downgrading their recommendations from Buy to Hold, it isn’t surprising to see sentiment suffer.

A buying opportunity?

Looking at the latest forecasts, the consensus from investing experts still largely seems to be a Hold recommendation. However, there’s room for some contrarian optimism.

The group’s latest quarterly trading update has seen revenue slip by around 6% year on year, down to £62.4m. Management places the blame on regular seasonality within its end markets. And subsequently, it reiterated that the business remains on track to meet full-year expectations.

At the same time, self-help initiatives are expected to deliver £10m in permanent annualised savings, with most of the benefits emerging in its 2027 fiscal year (ending in September).

In the words of its leadership, 2026 “will be a transitional year, with our Profit Improvement Plan helping us become a more efficient, growth-focused and performance-oriented company”.

Assuming the company can successfully execute its plan while improving economic conditions would certainly help restore demand for its speciality polymers, investors may indeed be looking at a rare opportunity to lock in an impressive yield from this income stock.

What could go wrong?

As things stand, shareholder dividends are at risk, with Victrex paying out more than its generating in free cash flow.

If market conditions improve, this may not ultimately matter since the company can dip into its cash reserves to fill the gap in the short term. But if demand, particularly from the healthcare sector, fails to materialise in time, dividends are indeed at risk of being slashed as Victrex seeks to preserve capital.

This uncertainty is why today’s yield is so high. And with the firm’s recent track record on operational execution being less than impressive, it’s a risk I’m not ready to take just yet. That’s why this income stock is staying on my watchlist for now, and I’m looking elsewhere for dividend opportunities. Luckily, I’m spoilt for choice.