The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVolex Share News (VLX)

Share Price Information for Volex (VLX)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 347.00
Bid: 346.00
Ask: 348.00
Change: 5.00 (1.46%)
Spread: 2.00 (0.578%)
Open: 330.00
High: 348.00
Low: 330.00
Prev. Close: 342.00
VLX Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Volex revenue, profits rise strongly in first-half

Thu, 23rd Nov 2023 12:10

(Sharecast News) - Integrated manufacturing and power products company Volex reported first-half revenue of $397.5m on Thursday, increasing 11.2% year-on-year.

The AIM-traded firm said growth was driven by a 4.2% organic growth in constant currency.

The underlying operating profit was ahead by 16.5% at $37.4m, with the underlying operating margin strengthening to 9.4% thanks to prudent cost management and an improved sales mix.

Volex recorded a notable enhancement in underlying free cash flow, delivering $11.9m, while working capital improved compared to the prior period.

Despite the acquisition of Murat Ticaret Kablo Sanayi for $195m during the half-year, Volex managed its net debt effectively, which stood at $173.7m at the end of the period, compared to $117m a year earlier.

The company's period-end covenant leverage of 1.3x comfortably fell within its target corridor of 1.0x to 2.0x.

It said the integration of Murat Ticaret was progressing positively, with solid customer engagement and cross-sales opportunities on the horizon.

Volex added that it was advancing towards its five-year strategic plan, supported by targeted investments to expand capacity and capabilities.

Market-wise, Volex's diversified exposure across various sectors was beneficial, with strong demand in the medical sector, normalisation of demand in consumer electricals across North American and Asian markets, substantial growth in complex industrial technology, and the acquisition of Murat Ticaret in the off-highway sector all contributing to its growth.

Looking ahead, Volex said it was confident in achieving its long-term objectives and meeting full-year market expectations.

The board explained that the company's diverse market exposure, robust customer pipeline, and strategic acquisitions provided a strong foundation for sustainable, long-term growth.

Given its strong balance sheet, it planned to continue investing in organic growth projects and remained flexible for potential future acquisitions.

"Our business is in exceptional shape, demonstrating resilience and diversity in its operations," said executive chairman Nat Rothschild.

"We employ a management model that is working effectively and enables us to pursue sustainable growth whilst maintaining margins. In parallel, our commitment to supporting customers remains steadfast as we effectively manage supply chains, regardless of fluctuations in demand.

"I am delighted to confirm that we are well on track to achieve the objectives outlined in our ambitious five-year plan."

At 1146 GMT, shares in Volex were up 1.01% at 300.5p.

Reporting by Josh White for Sharecast.com.

More News
11 Nov 2021 21:26

TRADING UPDATES: iEnergizer and Volex post interim profit hikes

TRADING UPDATES: iEnergizer and Volex post interim profit hikes

Read more
11 Nov 2021 16:21

Volex reports strong growth in revenue, earnings

(Sharecast News) - Power products and integrated manufacturing services provider Volex reported "strong" reported revenue growth of 44.5% in its half-year results on Thursday, to $292.7m reflecting high levels of customer demand in all of its sectors.

Read more
4 Nov 2021 16:05

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
1 Nov 2021 16:45

TRADING UPDATES: Knights Group, Water Intelligence tie up acquisitions

TRADING UPDATES: Knights Group, Water Intelligence tie up acquisitions

Read more
1 Nov 2021 09:04

Volex expands US military profile with Irvine acquisition

(Sharecast News) - Power products and manufacturing services company Volex announced on Monday that it has completed the acquisition of Irvine Electronics.

Read more
12 Oct 2021 15:11

Director dealings: Volex chairman ups stake via NR interest

(Sharecast News) - Volex revealed on Tuesday that NR Holdings had acquired 60,000 ordinary shares in the AIM-listed electronic connectors manufacturer.

Read more
12 Oct 2021 14:19

DIRECTOR DEALINGS: Nat Rothschild buys GBP250,000 in Volex shares

DIRECTOR DEALINGS: Nat Rothschild buys GBP250,000 in Volex shares

Read more
8 Oct 2021 21:46

TRADING UPDATES: Harbour prices notes; Lekoil nears audit completion

TRADING UPDATES: Harbour prices notes; Lekoil nears audit completion

Read more
8 Oct 2021 11:10

Volex agrees acquisitions of Prodamex and TC

(Sharecast News) - Power products and manufacturing services provider Volex has signed a share purchase agreement for the acquisition of Prodamex and Terminal & Cable (TC), it announced on Friday, for a total consideration of CAD 22.5m (£13.17m).

Read more
27 Aug 2021 11:07

Canaccord raises target price on Volex following Irvine acquisition

(Sharecast News) - Analysts at Canaccord Genuity raised their target price on electronic connectors manufacturer Volex from 475.0p to 500.0p on Friday following the group's acquisition of Irvine Electronics.

Read more
26 Aug 2021 11:52

Volex expands North American footprint with Irvine Electronics buy

Volex expands North American footprint with Irvine Electronics buy

Read more
26 Aug 2021 10:08

Volex to buy Irvine Electronics for $16.4m

(Sharecast News) - AIM-listed Volex has agreed to buy US electronic solutions manufacturer Irvine Electronics for $16.4m.

Read more
30 Jul 2021 16:08

UK dividends calendar - next 7 days

UK dividends calendar - next 7 days

Read more
29 Jul 2021 19:31

TRADING UPDATES: Forterra, Equiniti and Foxtons return to profit

TRADING UPDATES: Forterra, Equiniti and Foxtons return to profit

Read more
29 Jul 2021 11:20

Volex sees ongoing improved customer demand

(Sharecast News) - Power products and integrated manufacturing company Volex said on Thursday that the levels of customer demand it experienced in the second half of the 2021 financial year had continued into the first quarter of 2022.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.