RNS11 Apr 2013 08:07
Trading Statement
Volex plc ('Volex' or the 'Group'), the global provider of electrical, digital and optical connections, today releases its Trading Update for the year ended 31 March 2013 in advance of preliminary results that are expected to be announced on 29 May 2013.
Full year revenues and operating profits* for the year ended 31 March 2013 are anticipated to meet market expectations**.
Net debt at 31 March 2013 was less than $20m (01 April 2012: net cash $3.6m).
The Group-wide restructuring initiative that was announced in September 2012 is proceeding to plan. Restructuring costs, which will be taken as an exceptional charge, are expected to be approximately $7m. Further details will be provided at the time of the announcement of results.
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Notes
* Operating profit is defined as normalised operating profit before exceptional restructuring costs and share based payment charges
** The average of analyst forecasts, updated since the trading update on 14 December 2012, is $473m in revenue and $11m in operating profit for the year ending 31 March 2013.