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LONDON (Alliance News) - Power and data cabling provider Volex PLC Thursday posted a slightly narrowed pretax loss for its recently ended financial year, and expressed confidence for further progress in its current financial year.
For the 53 weeks to April 5, the company reported a pretax loss of USD7.2 million, narrowed slightly from a pretax loss of USD7.6 million for the 52 weeks to end-March 2014, as a rise in revenue to USD423.4 million from USD400.2 million was offset by exceptional costs of USD13.4 million and higher cost of sales.
Exceptional costs included a USD5.8 million non-cash impairment of product development costs, USD5.2 million in restructuring costs, and a USD1.1 million onerous lease provision.
The company attributed its revenue growth to "enhanced customer engagement" which helped it to increase business with existing customers and net new customers, and operational efficiency gains.
Over the past two years the company has been undertaking a restructuring and investment programme it entitled 'the Volex transformation plan', which it said has helped drive an improvement in customer engagement and cost competitiveness. The company noted that whilst it recognises "there is still much to do", it is in a better position to deliver future profitable growth.
Volex noted that growth slowed in the second half of the year, and it expects markets to continue to be competitive.
"While we may experience short-term volatility in our revenues as a result of market developments and our customer concentration, the board is confident that the group is well placed to make further progress in the coming year," said Chairman Karen Slatford in a statement.
Shares in the company are trading down 4.5% at 80.25 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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