Volex posts narrower loss and optimistic outlook after VTP completion

Volex posted a narrower pre-tax loss for its financial year and expressing a positive outlook for the year ahead follow the completion of the 'Volex Transformation Plan' (VTP).Over the 12 months to 5 April, the power and data cabling provider dipped from $7.6m to $7.2m, as revenue swelled from $400.2m to $423.4mThe company cited "enhanced customer engagement" as the main driver of growth, which helped to expand its customer network while delivering operational efficiency gains.However, this was offset by one-off costs of $13.4m, including a $5.8m non-cash impairment of product developments costs, $5.2m in restructuring and $1.1m in onerous lease provisions.The VTP, which began in November 2013 and finished in March 2015, focused on cost competitiveness and has left the company in a better position to deliver future profitable growth, according to chairman Karen Slatford."I am glad to report that the investment in people and infrastructure that we have made through the VTP has had a positive impact on our results," she said."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," she added.As of 10:00 BST, Volex was trading 4.17% lower at 80.5p.