Last checked at 30 Jul 2019 09:12
30 July 2019
Volex plc
("Volex" or the "Company")
AGM and Trading Update
Volex, a global supplier of complex assemblies for performance critical applications and power products, is today holding its Annual General Meeting, during which the Executive Chairman, Nat Rothschild, will make the following statement on trading for the three months ended June 2019:
"I am pleased to report that trading for the first quarter has been strong, with group revenue increasing 12 per cent versus the prior year - 14 per cent on a constant currency basis - yielding an operating profit margin ahead of current expectations, reflecting both previous actions to improve the profitability of our core business, and the successful integration of MC, Silcotec and GTK.
As already reported, our global footprint allows us to mitigate the effect of US tariffs on Chinese manufactured goods as we move production of certain products from China to other locations such as Vietnam and Indonesia. We have secured a number of new major contract wins in our PVC power business as our strategy to invest in automation, vertical integration and standardised products improves our competitiveness in the market.
The board has recommended that an interim dividend in respect of the year ending 5 April 2020 of 1 pence per share will be paid following the announcement of our interim results in November 2019.
Volex is well positioned to make further progress this year and the board remains confident about the Group's outlook."
The information contained within this announcement is deemed by the Company to constitute inside information under Article 7 of the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging the release of this information is Mr Daren Morris, CFO of the Company.
Enquiries
For further information please contact:
Volex plc +44 7909 995 887
Nat Rothschild, Executive Chairman
Daren Morris, Chief Financial Officer and Company Secretary
N+1 Singer - Nominated Adviser & Joint Broker +44 20 7496 3000
Shaun Dobson
Whitman Howard - Joint Broker +44 20 7659 1234
Hugh Rich
Nick Lovering