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12 Feb 2014 07:00
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12 February, 2014
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Volex plc
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Interim Management Statement
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Volex plc ("Volex"), the global provider of power and data cabling solutions, today announces its Interim Management Statement for the three months ended the 30 December 2013.Β
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The Board is pleased to report that there are some clear, but early signs that the implementation of the Volex Transformation Plan announced in November is on track and beginning to deliver results. Group trading stabilised through the final quarter of 2013 and the Board anticipates full year results will be in line with expectations.
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We continue to work closely with our key customers to strengthen our relationships.Β Β We continue to focus on improving design, procurement and manufacturing efficiencies with the full benefits of our multi-sourcing supplier model yet to come through.
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The balance sheet was recently strengthened by a successful placing and secondary share sale in December which raised $11m in cash.
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Christoph Eisenhardt, CEO of Volex, commented:
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"We are pleased with the progress since November in executing the Volex Transformation Plan. While there is still work to be done to drive further the efficiency of our design, procurement and manufacturing processes, these early results demonstrate that the Group's recently introduced strategy is already being successfully executed."
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Karen Slatford, Chairman of Volex, commented:
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"The Board is pleased with the continuing focus on improved execution and with the strengthening relationships with key customers."
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For further information please contact:
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Volex plc | ||
Christoph Eisenhardt | Chief Executive Officer | +44 20 3370 8830 |
Nick Parker | Chief Financial Officer | +44 20 3370 8830 |
Tulchan Communications | ||
Christian Cowley /James Macey White | +44 20 7353 4200 | |
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