Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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House broker N+1 Singer is now looking for full-year earnings per share closer to $0.17 and considers its forecasts “conservatively framed”. That still suggests a comfortably sub 10x price/earnings multiple and the trading momentum and potential and imminent return to the dividend list see us up our limit buy price to 120p.
(from Winnies site)
As per above.........
Volex interim profits surge 70%
Abraham Darwyne
Company News - 2 mins
14:11, 14th November 2019
Volex (VLX)
shares jumped after it announced the reintroduction of its dividend off the back of strong trading performance during the half year.
Volex reintroduced dividends for the first time since 2013, starting with an interim dividend of 1p per share to be paid to shareholders on the register at 10 January 2020.
The company known for its power cords business, said the dividend was made possible “due to the significant re-positioning seen across our business during that period”.
Interim results saw its revenues increase 7.3% to $195.7 million, but its underlying profit before tax rise 70% to $15.3 million.
Shares in Volex increased 6.48% to 115p during Thursday afternoon trading
Nat Rothschild, Executive Chairman, said: “For the first time, the higher-margin Complex Assemblies business made up the majority of our revenue in the first half of FY2020, in accordance with our strategy of repositioning Volex towards higher-margin value-added business.”
The company acquired Servatron, a US-based manufacturer which allowed it to offer more complex integrated manufacturing solutions to its customers.
Mr. Rothschild added: “We are well known as a high-volume manufacturer of power cords but it is our Complex Assemblies business that now leads the way in terms of profit generation.”
Volex said it was confident it would meet its full-year expectations.
BRIEF – Volex HY Revenue $195.7 Mln Vs $182.4 Mln
14-11-2019 07:33
Nov 14 (Reuters) – Volex PLC :
Volex Plc - Hy Revenue $195.7m Versus $182.4m
Volex Plc - Hy Underlying Profit Before Tax $15.3m Versus $9.0m
Volex Plc - Hy Statutory Profit Before Tax $9.7m Versus $4.9m
Volex Plc - Interim Dividend Of 1.0p Per Share
Volex Plc - Will Recommence Payment Of A Dividend, Starting With Interim Dividend, It Is The First Dividend Co Has Paid Since 2013
Volex Plc - Identified Further Opportunities To Restructure Operations To Improve Efficiencies And Further Reduce Costs
Volex - As Result Of U.s./china Trade Tariffs, Made Decision To Move Proportion Of Production Of High-speed Data Cables To Co's Factory In Indonesia
Volex Plc - Indonesia Facility Will Ramp Up To Production Volumes Of High-speed Data Cables In H2 Fy2020
9.30am: Never mind the Volex, here's the dividend
Power cords and cables company Volex PLC (LON:VLX) was up 4.6% at 113p in early deals after half-year profits doubled.
While revenue in the 26 weeks to 29 September rose just 7.3% to US$195.7mln from US$182.4mln, statutory profit before tax soared to US$9.7mln from US$4.9mln, paving the way for the reintroduction of dividend payments.
"I am delighted to announce that Volex PLC will recommence the payment of a dividend, starting with an interim dividend of one pence per share. This is the first dividend we have paid since 2013 and it has been made possible due to the significant re-positioning seen across our business during that period,” said Nat Rothschild, the executive chairman of Volex.
Very strong results this morning. Exceptional.
https://content.screencast.com/users/thomaser/folders/Default/media/e6b35ca7-e0d7-4b16-85a1-241ea8e4e385/volex%201.jpg
Broker Whitman Howard retain a Buy recommendation and add a 160p PT.
Recent slid rise in SP suggests half year results likely to be exceptional which is not a surprise after solid improvements in efficiencies and acquisitions detailed in recent RNS’s start to yield fruit. Could see uptown 120p peak after results published on Thursday.
Nice to see Tesla doing well. Positive for Vlx due to EV exposure.
Seems some interest again, and SP firming up. US / China likely to agree on trade deal, or at least tone it down so VLX should avoid getting caught in the cross fire. Looking good.