Sign In
Last checked at 
29 Jul 2009 07:00
ο»Ώ
29Β JulyΒ 2009
VOLEX GROUP plc
Annual General Meeting &Β
Interim Management StatementΒ for theΒ 13Β weeksΒ endedΒ 5thΒ JulyΒ 2009
Volex Group plc, the electrical and electronic cable assemblies group, will today hold its AGM at the offices of Eversheds LLP, 1 Wood Street, London, EC2V 7WS, at 14:30.
At the AGM, Mike McTighe, Chairman, will make the following comments regarding current trading, financial performance and outlook for the year. This statement covers the 13 week period from 6thΒ April to 5thΒ July 2009 and constitutes the group's first Interim Management Statement for the current FY2010 financial year.
Trading performance in the first quarter of FY2010 has been in line with expectationsΒ with revenue from continuing operationsΒ of Β£54mΒ down 11% over the same period last year and operating profitΒ of Β£3mΒ up 304% on a comparable basis.
Power Products revenue decreased 18%Β compared to the same period last year,Β largely as a result ofΒ the slowdown in the consumer electronics market, and is flat compared to the final quarter of the prior year. Continued focus on the cost base, including the closure of the Jakarta facility in Q1 FY2010, and a favourable impactΒ fromΒ lower commodity prices have combined to improve operating margins such that operating profitΒ increased byΒ 86% over last yearΒ and, encouragingly,Β the forward order book remainsΒ reasonablyΒ strong.
Interconnect revenue was flat on last year, while operating profit increased substantially,Β benefitingΒ from the cost control and business mix repositioning programmes initiatedΒ duringΒ last year. India continues to trade strongly, with revenue up 74%, while the telecommunications sector in Europe and North America remains volatile.
The Group continues to focus on cash generation, particularly in respect of working capital. Operating cash flow in the period and net debt at 5 July 2009 are consistent withΒ management's expectations.
Given the ongoingΒ uncertainty surroundingΒ the global economic environment the BoardΒ continues to beΒ cautious on trading for the remainder of the year. However,Β followingΒ the resilient performance in Q1 and aΒ reasonablyΒ robust order book, the BoardΒ remainsΒ comfortable with previous guidance given on the trading outlook for FY2010.
-Β ENDΒ -
For further information please contact:
|
Volex Group PLC |
|
|
Ray Walsh Group Chief Executive |
|
|
Andrew Cherry Finance Director |
07801 233366 |
|
Weber Shandwick Financial |
020 7067 0700 |
|
Terry Garrett / Nick Dibden / James White / Katie Matthews |
Follow the stocks
