Last checked at 29 Sep 2015 13:00
29 September 2015
VOLEX PLC
Board Change and Trading Update
Board Change
Volex plc ("Volex"), a global provider of power and data cabling solutions, announces that its Chief Executive Officer, Christoph Eisenhardt, has informed the Board that he intends to step down as Chief Executive Officer for personal reasons.
Geraint Anderson, the former chief executive officer of TT Electronics plc, who has been a Non-Executive Director of Volex since 2013, has agreed to step into the role of interim Chief Executive Officer and will assume all executive responsibilities with immediate effect.
As part of the Volex Transformation Plan the business has been restructured into two divisions with two divisional chief executives. They will continue to be responsible for all of the operations of the Power and Data divisions reporting into Geraint while the Board considers the structure going forward.
Karen Slatford, Chairman of Volex said: "The board would like to thank Christoph for his contribution to Volex over the last few years in restructuring business operations and improving our ability to compete for and win profitable business".
Trading Update
As stated at the time of our preliminary results in June 2015, we have experienced lower than anticipated demand in the first half of the year from our customers in the personal computer and tablet markets and therefore sales will be below the level achieved in the first half of last year. We continue to improve the efficiency and cost structure of our operation, and we anticipate that underlying operating profit will be at a similar level to that reported in the first half of our last financial year, in line with expectations.
We expect higher revenues in the second half of the year as a result of new product launches planned by our largest customers later this year. Therefore, we are building stock levels in support of anticipated higher volumes in the coming months.
Volex will provide a full update when it announces its results for the half year to 4 October, on 12 November 2015.
For further information, please contact:
Volex plc +44 (0)203 370 8830
Karen Slatford, Chairman
Geraint Anderson, Interim Chief Executive Officer
Daren Morris, Chief Financial Officer
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